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G20 to call for global tax deal to be finalised by October

G20 finance ministers are to push for unresolved issues in a proposed global corporate tax overhaul to be ironed out by October, and are urging holdouts to join the deal, according to the latest version of their statement from a meeting in Venice.

G20 to call for global tax deal to be finalised by October

Participants attend the G20 high-level tax symposium during the G20 finance ministers and central bank governors' meeting in Venice, Italy, July 9, 2021. G20 Italy/Handout via REUTERS

VENICE: G20 finance ministers are to push for unresolved issues in a proposed global corporate tax overhaul to be ironed out by October, and are urging holdouts to join the deal, according to the latest version of their statement from a meeting in Venice.

The statement, which two sources said was expected to be released without changes, said the ministers also endorsed a recent deal among 131 countries on taxation of multinationals' profits and setting a global minimum corporate tax rate of at least 15per cent.

"We call on (countries involved in the global talks) to swiftly address the remaining issues and finalise the design elements within the agreed framework together with a detailed plan for the implementation of the two pillars by our next meeting in October," the statement said.

"We invite all members (involved in the discussion) that have not yet joined the international agreement to do so."

(Reporting by Francesco Guarascio; writing by Leigh Thomas; Editing by Kevin Liffey)

Source: Reuters

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