Washington — G20 Finance Ministers met in Washington DC today and endorsed the new global tax agreement reached by negotiators at the Organization for Economic Cooperation and Development meeting last week. G20 ministers had tasked the OECD to undertake this broader tax reform initiative initially and today’s endorsement is therefore an important milestone.
More than 130 countries reached consensus on a two pillar solution and historic global tax reform agreement for the 21st Century at an OECD meeting Friday. The agreement came after years of negotiations and will set a minimum corporate tax rate and will additionally require the largest corporations to pay taxes in all jurisdictions in which they operate.
The following can be attributed to CCIA President Matt Schruers:
“The G20 has been instrumental in driving global tax reform and today’s endorsement by G20 Finance Ministers brings it a lot closer to realisation.
“We appreciate the hard work over the past few years to update the international tax system to reflect today’s global economy.
“This global framework takes countries from conflict to clarity, and allows companies to invest and economies to recover.
“As work turns towards implementation, we encourage parties to come to a prompt agreement on the roll back of existing unilateral measures.”