Rishi Sunak calls on other G20 countries to finalise global tax deal
Rishi Sunak has called on other G20 countries to “maintain momentum” over a global tax deal on the eve of a Venice summit.
Sunak will meet with other G20 finance ministers and central bank governors in a bid to endorse the global tax plan that has been agreed by the G7 and the Organisation for Economic Cooperation and Development (OECD).
The new deal will set a global minimum corporation tax of 15 per cent in a bid to crack down on tax avoidance by multinational companies.
The second pillar of it will also target the 100 largest multinationals in the world in a bid to make them pay more tax on profits based on where they make sales.
The deal is particularly aimed at Silicon Valley’s tech giants, such as Amazon and Facebook.
“At the G7 in London we achieved agreement on reforms that will ensure the right companies pay the right taxes in the right places,” Sunak said.
“That provided the foundations for an historic agreement amongst more than 130 countries.
“Now is the time for the international community to rally together and build on this momentum to ensure we get the deal’s final details over the line by October.”
Sunak will also call on other G20 finance ministers to make climate change central to financial and economic decisions by making carbon emissions disclosures mandatory for the world’s largest firms.
“These will ensure the global financial system plays its part in the transition to net zero, as investors better understand how firms are managing climate risks,” a Treasury spokesperson said.