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.

Proud to be part of a historic day. Agreement for global tax reform. # G20 Italian Presidency # Venezia pic.twitter.com/Kx4Qxx10FT

– Paolo Gentiloni July 10, 2021

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%.

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