EU considers G20 agreement on global tax reform to be historic

The supreme political body of the European Union, the European Council, represented by its head Charles Michel, called the agreement of the G20 members on international tax reform as historic.

EU considers G20 agreement on global tax reform to be historic
EUROPEAN UNION (EU)

“Another step towards a more just world. A historic G20 agreement was reached on global corporate tax reform. The next step should be confirmation of this agreement in the Organization for Economic Cooperation and Development (OECD), ”Michel declared.

Ministers adopted a declaration on food security . At the same time, the Foreign Ministers of the G20 promised to oppose "any unjustified restrictive and deforming measures that could lead to excessive volatility in food prices in international markets and threaten food security and food security for a significant part of the world's population."

Following the current meeting in Venice, the G20 finance ministers and central bankers spoke out in support of international tax reform, the main parameters of which were agreed by the G7 finance ministers at a meeting in the UK on June 5.

The agreement consisted in the introduction of a minimum tax on profits of large corporations of at least 15% worldwide.

Also, politicians agreed to change the territorial principle of taxation: tax on profits of transnational corporations should be levied in those states where they earn by providing their goods or services, and not just based on their place of registration, as is happening now.