G20 finance ministers’ meeting kicks off in Venice

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The finance ministers the G20 countries Friday started their two-day talks, with the minimum tax rate for the agenda.

In principle, 131 countries agreed to guarantee a minimum tax rate for at least 15 per cent, as well as ensuring that large corporations taxes where they make their sales.

However, EU members Ireland, Hungary and Estonia were board so far.

German Finance Minister, Olaf Scholz, had described the agreement as “colossal progress” in tackling tax avoidance practices.

The minimum tax aims to prevent international corporations from shifting profits around the globe in order to as little tax as possible.

This especially concerns large digital who have been criticised for paying little taxes.

The reform is to come into force in , although agreements EU and national level would be necessary for this.

topics on the agenda the G20 ministers include the economic after the coronavirus crisis, climate policies and fair distribution -19 to developing and emerging countries.