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G20 to call for global tax deal to be finalised by October

G20 finance ministers are to push for unresolved issues in a proposed global corporate tax overhaul to be ironed out by October, and are urging holdouts to join the deal, according to the latest version of their statement from a meeting in Venice.

The statement, which two sources said was expected to be released without changes, said the ministers also endorsed a recent deal among 131 countries on taxation of multinationals’ profits and setting a global minimum corporate tax rate of at least 15 per cent.

“We call on (countries involved in the global talks) to swiftly address the remaining issues and finalise the design elements within the agreed framework together with a detailed plan for the implementation of the two pillars by our next meeting in October,” the statement said.

“We invite all members (involved in the discussion) that have not yet joined the international agreement to do so.”

Ireland is one of nine countries that did not sign the agreement to reform the global corporate tax regime because of the proposed minimum rate of at least 15 per cent, Minister for Finance Paschal Donohoe has previously said.

Mr Donohoe, who is negotiating on behalf of Ireland, said the Government broadly supported the deal and would continue to engage with it.

Source:

www.breakingnews.ie

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