President of the European Council Charles Michel has welcomed G20’s support of the global corporate tax reform following the finance chiefs’ backing of the landmark move.
“One further step towards a fairer world! Historic #G20 agreement on global corporate tax reform today. The next step is finalising the agreement at OECD [Organisation for Economic Co-operation & Development]. Multilateralism delivers,” Michel said on Twitter.
The G20 finance ministers backed the proposal to deter tax dodging by multinational companies during the meeting that was held on Friday-Saturday in Venice.
The aim is to set a global minimum tax of at least 15 per cent to prevent multinationals from shifting their profits to tax havens. A framework deal is expected to be finalized by the G20 leaders during their summit in Rome in October.
The motion is being championed by the Organisation for Economic Co-operation and Development, which said that 130 member-states had backed the deal.