WPA Pool via Getty Images
G7 finance ministers have reached “a historic agreement” on global taxation. This was stated by the English Chancellor of the Exchequer, Rishi Sunak, according to Bloomberg.
“Here we are. After 4 years of battle, a historic agreement was found with the G7 member states on the minimum corporate tax on companies and digital giants. France can be proud ”. This was stated by the French Economy Minister, Bruno Le Maire on the occasion of the G7.
“G7 finance ministers today made a significant and unprecedented commitment that provides extraordinary momentum towards achieving a solid global minimum tax rate of at least 15%. That global minimum tax will end the race to the bottom in corporate taxation and ensure fairness for the middle class and workers in the United States and around the world. The global minimum tax will also help the global economy thrive, leveling conditions for businesses and encouraging countries to compete on a positive basis, such as education and training for our workforce and investment in research, development and infrastructure. ” . Thus in a note Janet Yellen, US Treasury Secretary.
German Finance Minister Olaf Scholz hailed the G7’s “historic” minimum corporate tax agreement, saying companies will no longer be able to evade taxes by making profits in low-tax countries. Furthermore, the next step for Scholz will be to discuss the G7 agreement with a broader set of partners from the Organization for Economic Co-operation and Development and the G20. “The G7 decision on international tax justice is historic,” he said in a statement Saturday. “This is great news for tax justice and solidarity and bad news for tax havens around the world.”