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G20 countries endorse deal on global tax

 VENICE:Italy’s economy and finance minister announced Saturday that G20 countries reached a deal on international tax regulation for multinational companies.

Daniele Franco told a news conference that he and his counterparts was able to secure an agreement on the payment of taxes by multinational companies where they operate and make profits.

It is a significant achievement and will contribute to the stability of the international tax system in years to come, he said.

Franco also noted that the group intends to put into effect mechanisms they agreed on until the G20 Leaders' Summit at the end of October.

 

 

 "We have reached a historical agreement for a more stable and fair international tax system," according to a final declaration.

On Friday 9 and Saturday 10 July 2021, the G20 Finance Ministers and Central Bank Governors (FMCBGs) gathered in Venice for their third official meeting under the Italian G20 Presidency. This was the first in-person Finance Track meeting since February 2020.

G20 members continued their discussions on issues related to global economy and health, and on the efforts to promote economic recovery and the transition towards greener and more sustainable economies and societies.

G20 Ministers and Governors also had a very fruitful exchange of views on the support to the most vulnerable countries, international taxation matters and financial sector issues, including sustainable finance. The result of their discussions is detailed in the official Communiqué, issued at the end of the meeting.

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