Market news
07.07.2021, 09:58

Global tax reform "will happen very quickly" - German Finance Minister

Reuters reports that German Finance Minister Olaf Scholz said he does not expect hurdles to moving ahead with a planned global tax reform at a G20 meeting in Venice this weekend.

"Everything will happen very quickly now. The goal is very ambitious: we want to have everything ready already so that it becomes international practice in 2023," Scholz added.

Last week, 130 countries, representing more than 90% of global GDP, backed the biggest changes to cross-border corporate tax in more than a generation with new rules on where companies are taxed and a tax rate of at least 15%.

The package goes to G20 finance ministers next to give political endorsement at a meeting on Friday and Saturday in Venice. 

"We are talking about a lot of additional money for Europe and for Germany," Scholz said. "It's really about billions," he added, without giving exact figures.

"Then the main thing is to make sure we end the practice of tax avoidance that has crept in over the last years and decades," he said. "We will put an end to that. The tax-cutting race will come to an end."

"I am convinced that in the end we will manage to get European countries to all agree on these rules together," Scholz said. "From my point of view, they would apply in any case."

Scholz described the global minimum tax as a breakthrough and the biggest reform in decades.

© 2000-2022. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Feedback
Live Chat E-mail
Up
Choose your language / location