Staff of Reuters 2 minutes ReadFILE PHOTO: A G7 logo is visible on an information sign at the Carbis Bay hotel resort in St Ives, Cornwall, southwest Britain, May 24, 2021, where an in-person G7 meeting of global leaders is scheduled to take place in June. The photo was taken on May 24, 2021. Toby Melville/Reuters (Reuters) – WASHINGTON (Reuters) – A senior UK official said on Thursday that the UK feels additional work is needed to gain broader consensus on worldwide tax commitments made by G7 affluent democracies in the coming weeks and months. Jonathan Black, Britain’s G7 and G20 sherpa, said at a Center for Strategic and International Studies online forum in Washington that gaining consensus among G20 major economies for G7 agreements on a global minimum corporate tax and new methods of taxing large multinational firms will be naturally more difficult. “The prize is enormous. I believe we’re confident that we’ll make progress on this, but there’s still a lot of work to be done in the next weeks, and if not then, surely by the end of the year “”Black” stated. According to an early statement draft seen by Reuters, G20 finance leaders are expected to accept a worldwide corporate minimum tax when they meet July 9-10 in Venice, although the document makes no mention of the 15% or higher rate endorsed by G7 leaders earlier this month. Technical work on the new tax system is to be finished in time for the G20 meetings in October, according to the G20 paper. According to Black, the G20, which includes China and India, has a significantly broader range of interests and beliefs than the G7, which comprises the United Kingdom, Canada, France, Germany, Italy, Japan, and the United States. The United States’ G7 and G20 sherpa, White House deputy national security advisor Daleep Singh, told the summit that despite diverse ideologies, the G20 group economies shared interests on international tax, among other matters. David Lawder contributed reporting, and Chizu Nomiyama and Howard Goller edited the piece./n
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