July 27, 2021
Technology

EU Halts Digital Tax Plan, Amid OECD Effort

After G20 finance ministers agree to international corporate tax system of 15 percent, the EU puts its own digital tax plan on hold

Finance ministers from the G20 at the weekend have agreed to support the OECD’s global effort to agree a minimum corporate tax rate of 15 percent.

The G20 finance endorsement means that it will be forwarded to the G20 as a whole in October this year for official blessing.

The historic global agreement endorsed by the G20 finance minister was welcomed by the European Commission in an announcement, saying it would “bring fairness and stability to the international corporate tax framework.”

G20 agreement

“This unprecedented consensus will usher in a complete reform of the international corporate tax system,” said the EC. “This will include a reallocation of taxing rights that will mean the world’s largest companies will have to pay tax…

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