UK finance minister says nations now need to finalise details of global tax deal

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imageEconomy11 hours ago (Jul 10, 2021 17:16)

© Reuters. FILE PHOTO: Chancellor of the Exchequer Rishi Sunak arrives to deliver his ‘Mansion House’ speech at the Financial and Professional Services Address, previously known as the Bankers dinner, at Mansion House in London, Britain July 1, 2021. Stefan Rousseau

LONDON (Reuters) – British finance minister Rishi Sunak said that nations must now work to finalise the details of a global deal to agree a minimum corporate tax rate, after finance chiefs of the G20 large economies endorsed the plan on Saturday.

“We now need to work on finalising the details before our October meeting so that we can indeed bring fairness to the global tax system, and crucially ensure a good deal for British taxpayers,” Sunak told reporters on the sidelines of the G20 meeting in Venice.

Sunak chaired a meeting of finance ministers from the Group of Seven in London last month that reached a provisional agreement on how to split revenue from large multinationals.

The G20 backing came on Saturday after 130 countries last week signed up to the plan in Paris.

“I’m delighted to be here in Venice, to build on the historic global tax agreement that we reached at the G7 in London,” Sunak said, adding that the agreement would ensure that the tax system is fit for the digital age.

Asked about the Euro 2020 soccer final between England and Italy which takes place on Sunday, Sunak said he couldn’t wait to get home to see the match.

“I’m very much looking forward to a British success in the evening,” he said.

UK finance minister says nations now need to finalise details of global tax deal

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