‘All G20 Back President Biden’s Global Tax Reform’
By Stefan J. Bos, Chief International Correspondent Worthy News
(Worthy News) – In another move towards a unified tax system, Germany’s finance minister said Saturday that all Group of 20 (G20) nations back global tax reform.
The announcement by Olaf Scholz came after U.S. President Joe Biden proposed a global corporate tax rate, angering some nations.
However, “Today, we see that all the countries that are coming together here will support this international process in finding a way to a minimum taxation,” Scholz told reporters at a meeting of G20 finance ministers in Venice, Italy.
The global tax was expected to be 15 percent. Smaller nations like Hungary oppose the move, warning it will harm economies and lead to unfair competition.
Hungary has the European Union’s lowest corporate tax rate of 9 percent.
Scholtz was also asked when and if the EU would introduce a digital levy, but the minister stressed that “a global solution” is necessary.
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