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The G20 finance ministers approved in Venice the global agreement on taxation of multinational corporations

The G20 finance ministers approved in Venice the global agreement on taxation of multinational corporations

During a meeting on Saturday in Venice, finance ministers of the Group of 20 nations – a group that includes some of the world’s richest countries and accounts for more than 80 percent of global GDP – they agreed The agreement was reached a few days ago in the Organization for Economic Co-operation and Development to impose a minimum tax of 15 percent on large multinational companies.

German Finance Minister Olaf Schulz and European Commissioner for Economics Paolo Gentiloni described the deal, which could generate $150 billion in tax revenue annually worldwide and reduce tax evasion practices by large multinational corporations, as “historic” by the US Treasury Secretary said It is “there is still a lot of work to do”. Indeed, the implementation of the agreement may face great difficulties in both the US Congress and Within the European Union.

The agreement has not yet received final approval at the Group of Twenty, which will be held in Rome in October. It provides for a more balanced distribution of tax revenue across countries and offers a global minimum of 15% on profits of companies with global revenue of at least 20 billion euros annually, and a profit margin of at least 10%.

– Read also: European countries that do not want the global agreement to tax multinational companies

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