Unprecedented consensus should culminate in a major shift in the international corporate tax system. For example, this means that very large companies have to pay taxes in the country where they do business.
There is still a lot of work to be done before the contract expires. The deadline is set for the next G20 meeting in October. U.S. Treasury Secretary Janet Yellen has called on the G20 and other countries to hurry.
German Finance Minister Olaf Scholes had already said on Saturday that there was a deal in Venice. Previously, there was the question of whether members like Russia and China would agree.
I agree with the outline
The G20 is a group of nineteen major industrialized nations and the European Union. The G20 countries represent 80 percent of world trade. Finance ministers and central bankers were represented at the Venice summit.
Earlier, the G7 countries reached an external agreement. In the agreement, G7 finance ministers, hailed as historic, agreed to set a minimum global corporate tax rate of at least 15 percent. Furthermore, the profits of large companies in the countries where they are registered may be subject to additional tax.
The project, which was previously endorsed by the G7 countries France, Italy, Japan, Canada, Germany, the United Kingdom and the United States, already has the support of 130 of the 139 countries involved in the Organization for Economic Co-operation and Development. (OECD) discussed the projects. One of those signatories is the Netherlands. Although the Netherlands is not a formal member, the outgoing Finance Minister Vopke Hogstra attended the G20 summit.