G-20 Confirms July Agreement on Int'l Tax Rules

Politics Economy Lifestyle

Tokyo, April 7 (Jiji Press)--Finance ministers and central bank heads of the Group of 20 economies Wednesday confirmed that they will agree on international taxation rules targeting mainly information technology giants by July.

In a video conference held Wednesday night Japan time, the G-20 officials also agreed to a half-year extension of the debt service suspension initiative for developing countries by an additional six months until the end of December.

The G-20 economies confirmed their cooperation to realize fair, sustainable and modern international tax rules, Italian Minister of Economy and Finance Daniele Franco told an online news conference after the video meeting. Italy holds the G-20 presidency.

At a press conference in Tokyo, Japanese Finance Minister Taro Aso said he told his G-20 colleagues that a proposed global minimum corporate tax rate is important in curbing competition to lower corporate taxes.

Recently, U.S. Treasury Secretary Janet Yellen called for an international agreement on such a minimum rate.

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