G20 ministers take up plan to deter cross-border tax dodging

U.S. President Joe Biden's proposal for a global minimum corporate tax will get another going over at a meeting of top finance officials

Finance ministers from the Group of 20 countries will push for agreement on proposals backed by U.S. 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 U.S. Congress, where Republicans have vowed to oppose it. Biden's proposal for a 15% 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 Organization for Economic Cooperation and Development. The deal aims to discourage the use of often-complex accounting schemes to move profits to where the least tax is due.