UK finance minister says nations now need to finalise details of global tax deal

Britain's Chancellor of the Exchequer Rishi Sunak attends a virtual press conference inside 10 Downing Street in central London, Britain

British finance minister Rishi Sunak said that nations must now work to finalise the details of a global deal to agree a minimum corporate tax rate, after finance chiefs of the G20 large economies endorsed the plan on Saturday.

“We now need to work on finalising the details before our October meeting so that we can indeed bring fairness to the global tax system, and crucially ensure a good deal for British taxpayers,” Sunak told reporters on the sidelines of the G20 meeting in Venice.

Sunak chaired a meeting of finance ministers from the Group of Seven in London last month that reached a provisional agreement on how to split revenue from large multinationals.

The G20 backing came on Saturday after 130 countries last week signed up to the plan in Paris.

“I’m delighted to be here in Venice, to build on the historic global tax agreement that we reached at the G7 in London,” Sunak said, adding that the agreement would ensure that the tax system is fit for the digital age.

Asked about the Euro 2020 soccer final between England and Italy which takes place on Sunday, Sunak said he couldn’t wait to get home to see the match.

“I’m very much looking forward to a British success in the evening,” he said.

Was it worth reading? Let us know.