After eight years of talks, the G7 agreed to get more money from multinational tech giants such as Amazon and Google by reducing their incentives to shift profits to low-tax offshore havens.
The move aims to return hundreds of billions of dollars to the coffers of cash-strapped governments due to the Corona pandemic, after the group agreed to support a minimum global corporate tax rate of at least 15%.
Google, for its part, expressed its support for updating international tax rules, and Facebook expects to pay more taxes in more countries, as a result of the agreement.
In this regard, German Finance Minister Olaf Scholz said that the agreement represents “bad news for tax havens around the world”, and US Treasury Secretary Janet Yellen saw that this cooperation is profound and will contribute to the coordination and broader treatment of many global problems.
Ministers agreed to move towards having companies announce their environmental impact in a more standard way so that investors can more easily decide whether to finance them.