The Strategist

G20 countries fail to agree on tech giants taxation

10/08/2020 - 05:39

The G20 countries will not be able to meet the target previously set by the end of 2020 to agree on the taxation of digital companies. This was reported by the Kyodo agency.

It is noted that the ministers of finance and the heads of the central banks of the association will clarify the details on this score following an online meeting scheduled for October 14.

The main obstacle was the confrontation between the United States, which defend the interests of their digital giants, and European countries wishing to tighten taxation of such companies.

Also, the upcoming presidential elections in the United States in November affect the course of discussion and the possibility of making a political decision.

At the 2019 G20 Summit in Osaka, Japan, participants agreed to launch an initiative called the Osaka Truck, which aims to advance the international discussion on the drafting of rules for aspects of digital commerce within the WTO.

In the same year, the finance ministers and heads of the G20 central banks agreed to accelerate work on creating a more effective international tax system for large digital corporations. These are multinational digital giants, including Amazon, Apple, Facebook and Google. 


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