The Group of Seven (G7) industrialized nations is close to reaching an agreement on how to tax large multinational corporations financial times. The positions in the negotiations have converged in recent days, and by Friday the group can develop a unified position: the United States, the United Kingdom, France, Japan, Canada, Germany, Italy and the European Union.
This could provide the basis for agreement in future negotiations within the Organization for Economic Co-operation and Development (OECD) organized by the G-20.
The OECD agreement would be the biggest turning point in corporate taxation of the last century: it would make it extremely difficult for companies to shift their profits to low-tax countries and ensure that US digital giants pay taxes where their sales are generated, Britain’s newspaper wrote.
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The United States also supports the idea to make its initiative more acceptable to countries around the world to introduce a minimum corporate tax. Washington previously wanted a minimum tax rate of 21 percent, but recently lowered it to 15 percent.
The G20 hopes to have a final tax deal by summer, but the newspaper reports that October is more realistic.
There will be no global minimum tax in Hungary
Peter Szijjarto said that no one has the right to interfere in Hungarian tax policy from abroad.
