European Council's Charles Michel Welcomes Global Tax Reform

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 . 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.