G7 wants more progress in global corporate tax reform

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LONDON, September 9 (Reuters)Finance ministers of the Group of Seven wealthy nations said Thursday they needed to make more progress on the fine print of a reform of global corporate tax rules in time for a summit of world leaders in October.

Britain’s Rishi Sunak said he urged his G7 peers in a virtual meeting to make continued technical progress on the reforms.

More than 130 countries agreed this summer to develop new place-of-tax rules for businesses, adopt a tax rate of at least 15% and drop national taxes on digital services in favor of new taxing rights.

Diplomats are now pushing for an agreement at the next Group of 20 summit in October on the technical parameters of the reform.

“I said that the G7 must unite to play a leadership role in order to reach an effective agreement in October,” Japanese Finance Minister Taro Aso told reporters.

Sunak said on Twitter that he also called on the G7 to support vulnerable countries through the International Monetary Fund’s Special Drawing Rights ahead of talks between finance ministers and central bankers in October.

A G7 source said Thursday’s meeting also discussed how to deal with the new Taliban government in Afghanistan.

“We don’t want to see a humanitarian catastrophe in Afghanistan. There must be no famine in Afghanistan,” the source said, speaking on condition of anonymity.

Britain holds the rotating presidency of the G7 which also includes Canada, France, Germany, Italy, Japan and the United States.

(Report by William Schomberg in LONDON, Tetsushi Kajimoto in TOKYO Editing by David Milliken)

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