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MNI BRIEF: G20 Aim At July Global Tax Accord Agreement


G20 finance ministers could reach agreement on minimum global tax rate at July's Venice gathering.

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The G20 is optimistic it can reach an agreement on a minimum global tax rate for multinational corporations in the coming months, most likely at the July G20 finance ministers and central bankers in Venice, Italy's Finance Minister and current group chair Daniele Franco said Wednesday.

There has been an "acceleration on the process" in recent months but it still is a complex issue from a "political and technical point of view," Franco added, who noted that recent comments on the issue from U.S. Treasury Secretary Janet Yellen were in line with ongoing work.

Addressing Covid-19 support, another topic of discussion in the virtual gathering, Bank of Italy Governor Ignazio Visco measures to fight the fall out from the pandemic have been very effective but removing them "too early would be more costly than removing it too late"