Corporate Tax

G7 CFOs talk about world corporate tax guidelines

Economy Politics Lifestyle 09/10/2021

Tokyo, September 9 (Jiji Press) – Finance ministers of the Big Seven Developed Countries group held a video conference Thursday to discuss global corporate tax rules aimed at preventing tax evasion by multinational corporations.

The participants, including the Japanese Finance Minister Taro Aso, are expected to attend a meeting of finance ministers and central bank governors of the group of 20 industrialized and emerging countries in. confirmed that countries will continue to work closely to reach a final agreement on the rules in October, sources familiar with the situation said.

The planned new regulations will require the minimum corporate tax rate to be set at 15 percent or more to avoid competition for tax rate cuts and the introduction of digital taxation to prevent tax avoidance by IT giants. The G20 finance ministers and central bank leaders largely agreed on the rules at their July meeting.

The United States, with Google, Apple, Facebook and Amazon.com, the four IT giants collectively known as GAFA, are calling for the abolition of a digital tax introduced in part of Europe.

At the virtual meeting on Thursday, the G-7 finance ministers showed their agreement to reach a final agreement at the upcoming G-20 meeting, experts said. “We now have a better chance of moving in the current direction,” Aso told reporters after the videoconference, suggesting that discussions about the tax rules were making progress.

[Copyright The Jiji Press, Ltd.]

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