G20 finance ministers back global minimum tax to end tax havens

 

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 The finance ministers of the G20 countries, meeting Saturday in Venice, Italy,... have given their backing to the historic proposal of a global minimum corporate tax of 15 percent... as a way of deterring companies from using low-rate tax havens.

The plan won the support of the G7 leaders too, when they met in May.

The next step before the plan is implemented, likely in 2023,... is to get approval from the G20 presidents and prime ministers when they meet in Rome in October.

Along with the 15-percent minimum tax, countries would be allowed to tax a portion of the profits companies make on things like advertising and online retailing even when they don't have a physical presence there.