G-20 finance ministers in Venice take up global tax proposal

US President Joe Biden’s proposal for a global minimum corporate tax is being discussed at the G20 meeting this weekend.

Finance ministers from the Group of 20 countries will push for agreement on proposals backed by United States President Joe Biden to deter tax dodging by multinational companies. While approval of the sweeping tax package is likely at the G-20 meeting Friday and Saturday in Venice, the proposals still face a key hurdle in the US Congress, where Republicans have pledged to oppose it. Biden’s proposal for a 15 percent global corporate minimum tax resulted in a breakthrough in stalled international tax talks. An agreement was reached July 1 among 131 countries in negotiations convened by the Paris-based Organisation for Economic Co-operation and Development (OECD).