G7 finance ministers expected to announce support for a minimum global level of corporate tax, aimed at getting multinationals to pay more into govt coffers hit hard by the pandemic
According to a draft communique, the finance chiefs and central bankers of the world's seven richest nations will express"strong support" to tax multinationals, especially tech giants.
French economy minister Bruno Le Maire told journalists on Friday evening: "If we have an agreement tomorrow, it will be a historic step forward". "Before the crisis, it was difficult to understand," a European source told AFP. "After the crisis, it is difficult to accept." According to the draft communique, ministers also plan to commit to "sustain policy support", or stimulus, for "as long as necessary" to nurture economic recovery, while addressing climate change and inequalities in society.The thorny topic of the regulation of digital currencies such as bitcoin will also be on the agenda.
"For more than four years, France, Germany, Italy and Spain have been working together to create an international tax system fit for the 21st century," added the four ministers.France's Le Maire told journalists in London that Biden's proposed 15 percent is "a minimum. For us, it's a starting point".