Staff of Reuters 3 Minutes to Read In London, Britain, on June 3, 2021, Britain’s Chancellor of the Exchequer Rishi Sunak talks with US Treasury Secretary Janet Yellen (not shown). REUTERS/Pool/File Photo/Hannah McKay (Reuters) – LONDON (Reuters) – As finance ministers from 20 of the world’s largest economies prepare to meet, British finance minister Rishi Sunak urged for progress on a worldwide deal to agree on a minimum corporate tax rate and how to split money from huge multinationals. Sunak presided over a conference of Group of Seven finance ministers in London last month that resulted in a temporary agreement, and 130 countries endorsed similar broad revisions during negotiations in Paris last week. After years of deadlock, global tax talks have picked up steam in recent months under US President Joe Biden’s new government. However, important details and potential tax exemptions are still up in the air, and any agreement must pass muster in the United States Congress, where many members do not share Treasury Secretary Janet Yellen’s enthusiasm for greater corporate taxes. “Now is the time for the international community to come together and build on this momentum to guarantee that the deal’s final details are completed by October,” Sunak said ahead of a meeting of the Group of 20 finance ministers and central bankers in Venice on Friday and Saturday. On Tuesday, French Finance Minister Bruno Le Maire claimed his G20 counterparts were close to giving political approval to a proposed revamp of how multinational corporations pay taxes. Sunak also plans to host a meeting of the Group of Seven finance ministers in Venice on Saturday morning, when he hopes to make progress on climate change concerns such as reporting requirements for corporations. David Milliken contributed reporting, and William Schomberg edited the piece./n
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