© Reuters. FILE PHOTO: British Chancellor of the Exchequer Rishi Sunak speaks at a meeting of finance ministers from all G7 countries ahead of the G7 heads of state and government summit at Lancaster House in London, Great Britain, June 4, 2021. Stefan Rousseau / PA Wire / Pool via REUTERS
LONDON (Reuters) – The Seven Rich Nations Group on Saturday agreed a minimum global corporate tax of at least 15% on a country basis. The following are the details of the agreement, as expressed in a final communiqué viewed by Reuters:
ON A MINIMUM BODY TAX:
We also commit to a minimum global tax of at least 15% on a country basis. We agree that it is important to make progress on both pillars in parallel and look forward to reaching an agreement at the meeting of G20 finance ministers and central bank governors in July.
We are committed to finding an equitable solution to the allocation of taxation rights, giving market countries taxation rights on at least 20% of profits that exceed a 10% margin for the largest and most profitable multinational corporations.
We will ensure adequate coordination between the application of the new international tax rules and the elimination of all taxes on digital services and other relevant similar measures for all businesses.
ON CLIMATE CHANGE:
We support the transition to mandatory climate-related financial disclosures that provide consistent and decision-relevant information for market participants and that are based on the framework of the Task Force on Climate-related Financial Disclosures (TCFD) in accordance with national regulatory frameworks.
We agree on the need for a basic global reporting standard for sustainability that jurisdictions can further complement.
We are committed to multi-year efforts to bring about the significant structural change necessary to meet our net zero commitments and environmental goals in a way that is positive for employment, growth, competitiveness and fairness.
We commit to properly embed climate change and biodiversity loss considerations into economic and financial decisions, including managing macroeconomic impacts and making the best use of various policy levers to price carbon.
FOR GLOBAL ECONOMIC RECOVERY:
We commit to maintaining political support for as long as necessary and investing to promote growth, create quality jobs and tackle climate change and inequalities.
As our economies reopen, we will continue to take steps to limit the uneven effects of the crisis by targeting support where it is needed most.
Once the recovery is well established, we need to ensure the long-term sustainability of public finances so that we can respond to future crises and address longer-term structural challenges, including for the benefit of future generations.
We affirm that no global stablecoin project should commence operations until it adequately meets the relevant legal, regulatory and regulatory requirements through appropriate design and compliance with applicable standards.
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