G-20 Finance Ministers Back Sweeping Tax Overhaul

Economy Politics Lifestyle

Venice, Italy, July 10 (Jiji Press)--Top finance officials from the Group of 20 major economies Saturday reached broad agreement on a proposed sweeping overhaul of international rules on corporate tax.

The G-20 finance ministers and central bank governors, meeting in Venice, northern Italy, endorsed an outline of proposed corporate tax reform released by the Organization for Economic Cooperation and Development on July 1.

"We endorse the key components" of the proposed revision that includes imposing a global minimum corporate levy of at least 15 pct to deter tax competition aimed at attracting companies, the G-20 officials said in a joint statement.

The statement, released by the G-20 officials after the end of their two-day meeting, said they "have achieved a historic agreement on a more stable and fairer international tax architecture."

Japanese Finance Minister Taro Aso welcomed the G-20's endorsement of the reform. "This is a historic change that is the first of its kind in about 100 years. We welcome it very well," he said at a press conference after the meeting.

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