Taxation is under the spotlight this weekend as finance ministers of the 20 most advanced economies in the world are gathered in Venice, Italy.
A deal on global tax reform will be finalized “very soon,” German Finance Minister Olaf Scholz told CNBC on Friday, adding he hopes the tax changes could come into force by 2023. “We are now really on the road [to a deal],” Scholz told CNBC’s Annette Weisbach. “We will reach an agreement here at the G-20 when the 20 nations are agreeing on the same idea of having an international global minimum taxation.” “This will be a process that will finish very soon,” he added. Taxation is under the spotlight this weekend as finance ministers and central bankers of the 20 most advanced economies in the world are gathered in Venice, Italy. Their aim is to hammer out a deal that will force the biggest multinationals in the world to pay more taxes. This comes after 130 countries and jurisdictions agreed last week to sign up for a global corporate minimum tax rate proposal that the G-7 presented in June. Under the deal, multinationals could be forced to pay a minimum tax rate of 15% wherever they operate, rather than only paying the majority of duties in the nations where they have their headquarters.
