EU pushes G20 for faster global corporate tax reform

The EU plans to urge G20 nations to finalise a global corporate tax deal that would impact tech giants like Google and Amazon. This “two-pillar” agreement, endorsed by G20 leaders in 2021, includes a global minimum tax rate of 15 per cent (already EU law) and a global levy on the world’s 100 biggest companies. However, progress has been slow, especially in the US, where some view it unfairly targeting American businesses.

The EU’s push aims to accelerate the signing of the global treaty (“Multilateral Convention”) by June 2024 and its swift ratification by other countries. They also urge swift implementation of the minimum tax rate by all nations. While some progress has been made, the EU wants a faster pace to ensure fairer taxation for international corporations.