G20 only achieved global tax deal unanimity at last minute – German govt source

© Reuters

BERLIN (Reuters) – Not all members of the G20 group of leading economies were on board with a global tax overhaul agreed by 136 countries until shortly before it was concluded on Friday, a German government source said on Monday.

Getting all European member states involved to agree to the deal was crucial to ensuring it can be implemented across the bloc, the source said, adding: “This is a considerable step forward.”

The deal https://www.reuters.com/business/finance/global-corporate-tax-deal-nears-holdouts-drop-objections-2021-10-08 aims to end a four-decade-long “race to the bottom” by setting a floor for countries that have sought to attract investment and jobs by taxing multinational companies lightly, effectively allowing them to shop around for low tax rates.

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