G20 finance ministers pledged on Friday to implement a global review of cross-border corporate tax rules next year, amid concerns that meeting the deadline could prove difficult.
The Organization for Economic Co-operation and Development (OECD), which has been leading the negotiations since the beginning, said the deal is “still on track” but will need political commitment to go into effect next year.
Years of negotiations paid off last October when nearly 140 countries agreed on a minimum 15% tax on multinationals and agreed to make it harder for companies like Google, Amazon and Facebook to avoid taxes by reporting their profits in jurisdictions. low taxation.
The technical details are being worked out at the Paris-based OECD so countries can bring the new rules into their legal scope by next year.
G20 finance ministers said in a joint statement after a meeting on Friday that they were committed to ensuring the new rules take effect globally in 2023.
“However, the task is daunting and we need your guidance and political support to ensure that progress is made in a timely manner,” OECD Secretary-General Mathias Cormann told G20 finance ministers in a report.
“We need to rely on their ability to come to an agreement to ensure we deliver this on time,” he added.
Source: CNN Brasil
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