World leaders, tech giants weigh in on G-7’s historic tax agreement – CNBC

The Group of Seven rich nations struck a landmark deal on Saturday to close cross-border tax loopholes used by some of the world’s biggest companies.

Below are reactions:

RISHI SUNAK, UK FINANCE MINISTER AND MEETING HOST

“After years of discussion, G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age.”

Asked for an estimate of how much the agreement could raise for Britain, Sunak replied: “This is the first step, this is agreement reached at the G7, we still have to go to the G20 and reach agreement with a broader group of countries so it’s hard to say where the final deal will land.”

JANET YELLEN, U.S. TREASURY SECRETARY

“The G7 Finance Ministers have made a significant, unprecedented commitment today that provides tremendous momentum towards achieving a robust global minimum tax at a rate of at least 15%.

“That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world.

“The global minimum tax would also help the global economy thrive, by levelling the playing field for businesses and encouraging countries to compete on positive bases, such as educating and training our work forces and investing in research and development and infrastructure.”

NICK CLEGG, FACEBOOK HEAD OF GLOBAL AFFAIRS

“Facebook has long called for reform of the global tax rules and we welcome the important progress made at the G7. Today’s agreement is a significant first step towards certainty for businesses and strengthening public confidence in the global tax system.

“We want the international tax reform process to succeed and recognize this could mean Facebook paying more tax, and in different places.”

CAMPAIGN GROUP OXFAM

“It’s absurd for the G7 to claim it is ‘overhauling a broken global tax system’ by setting up a global minimum corporate tax rate that is similar to the soft rates charged by tax havens like Ireland, Switzerland and Singapore. They are setting the bar so low that companies can just step over it.

“Stopping the explosion in inequality caused by COVID-19 and tackling the climate crisis will be impossible if corporations continue to pay virtually no tax …. This is not a fair deal.

“The G7 can’t expect the majority of the world’s countries to accept crumbs from its table.”

OLAF SCHOLZ, GERMAN FINANCE MINISTER

“The seven most important industrial nations have today backed the concept of minimum taxation for companies. That is very good news for tax justice and solidarity and bad news for tax havens around the world.

“Companies will no longer be in a position to dodge their tax obligations by booking their profits in lowest-tax countries. Stable tax revenues are important for making sure states can carry out their duties. This will be even more urgent after the coronavirus pandemic.”

BRUNO LE MAIRE, FRENCH FINANCE MINISTER

“This is a starting point and in the coming months we will fight to ensure that this minimum corporate tax rate is as high as possible.”

CHRYSTIA FREELAND, CANADIAN FINANCE MINISTER

“Multinational corporations need to pay their fair share of taxes and the G7 has just outlined a path to make this possible. This is good news for Canadians and Canadian businesses, and will ensure a fair and level playing field for them in the global economy.”

DANIELE FRANCO, ITALIAN ECONOMY MINISTER

“We trust we will find an agreement also at the G20 level in order for these pillars (rules) to become a point of reference for global taxation.”

AMAZON SPOKESPERSON

“We believe an OECD-led process that creates a multilateral solution will help bring stability to the international tax system. The agreement by the G7 marks a welcome step forward in the effort to achieve this goal.

“We hope to see discussions continue to advance with the broader G20 and Inclusive Framework alliance.”

GOOGLE SPOKESPERSON

“We strongly support the work being done to update international tax rules. We hope countries continue to work together to ensure a balanced and durable agreement will be finalised soon.”

PASCHAL DONOHOE, IRISH FINANCE MINISTER

“It is in everyone’s interest to achieve a sustainable, ambitious and equitable agreement on the international tax architecture. (Ireland has a tax rate of 12.5% rate).

“I look forward now to engaging in the discussions at OECD. There are 139 countries at the table, and any agreement will have to meet the needs of small and large countries, developed and developing.”

PAOLO GENTILONI, EUROPEAN COMMISSIONER FOR ECONOMY

“Big step taken by the G7 towards an unprecedented global agreement on tax reform. The EU Commission will contribute actively to making that happen at next month’s G20 in Venice.”

PEDRO SANCHEZ, SPANISH PRIME MINISTER

“We are moving towards a new tax system for the global digital age. The G7 today reached a historic agreement that will allow a greater contribution from large global companies. The goal: a better distribution of wealth to achieve higher levels of social justice.”

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World leaders, tech giants weigh in on G-7’s historic tax agreement – CNBC

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