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Finance ministers of the G20 countries have agreed on a minimum global tax rate for large companies, German Finance Minister Olaf Scholz said on Saturday.
Scholz greeted the agreement as a “great historical moment” and said that there had been loud applause as the ministers' debate came to a close.
“The G20 countries have now agreed here that they want to agree with each other on a new order of international taxation,” he said.
In principle, 131 countries have agreed to guarantee a minimum tax rate for companies of at least 15 per cent, as well as ensuring that large corporations pay taxes where they make their sales.
The minimum tax rate aims to prevent international corporations from shifting profits around the globe to pay as little tax as possible. This especially concerns large digital companies who have been criticised for paying little tax.
On Saturday, Scholz also spoke out for fairer distribution of vaccines against Covid-19.
G20 to warn of risks of coronavirus variants amid ‘great divergences’ in global economic recovery
Sufficient vaccines are needed, along with the necessary financial resources for them, he said.
“We must also ensure that the vaccines then reach the places where they are needed,” Scholz said. The continued mutation of the virus means sustained production of vaccines is needed and the basis for further research ensured, he said.
“It's a humanitarian, necessary thing that we help the whole world, so people can be vaccinated. But it's also a matter of common sense,” Scholz said, referring to the repeated emergence of dangerous new variants of Covid-19.
Otherwise, he said, variants could emerge in places where the rate of vaccination is low.
Meanwhile, on the sidelines of the meeting, environmental protesters gathered to oppose cruise tourism.

Several hundred campaigners attended the rally that was called by a movement calling to ban cruise ships from Venice.
There were 700 protesters at the start of the demonstration, according to the ANSA news agency.
A spokesman for the movement did not rule out the possibility that some protesters might later try to reach the G20 meeting area.
The movement, called No Grandi Navi, which translates as “No Big Ships,” opposes cruise tourism, saying it is destructive to the environment and does not benefit the city in economic terms.


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Italy

G20 finance ministers approve global tax reform for large companies

German Minister of Finance Olaf Scholz at the G20 Finance Ministers and Central Bank Governors Meeting in Venice, Italy on Friday. Photo: EPA-EFE

epa09335984 Supporters of the movement named 'We are the Tide and you only G20' as they stage the protest against the G20 Economy and Finance summit along the Riva delle Zattere, in Venice, Italy, 10 July 2021. The G20 (or Group of Twenty) Finance Ministers and Central Bank Governors (FMCBG) will gather on 09 and 10 July 2021, for the third time under the Italian G20 Presidency. EPA-EFE/ANDREA MEROLA

G20 to warn of risks of coronavirus variants amid ‘great divergences’ in global economic recovery

Daniele Franco, Italy's Minister of Economy and Finance, stumbles after his speech during a press conference on Friday at the G20 finance ministers and central bankers meeting in Venice. Global tax reform is at the top of the agenda as the world's biggest economies seek to ensure multinational companies pay their fair share. Photo: AFP

Photo taken in Venice, Italy, on July 9, 2021, shows the venue of a two-day meeting from the same day of the finance chiefs of the Group of 20 major economies. (Kyodo) ==Kyodo

Global minimum tax: Ireland and other holdouts face mounting pressure to fall in line

Ireland is under pressure to adopt a minimum corporate tax rate of 15 per cent. Photo: AFP

A global tax-reform plan is expected to be approved at the G20 Finance Ministers’ Summit on Friday and Saturday in Venice, Italy. Photo: AFP

How to secure a fairer tax deal for the world, not just rich countries

Leaders of the G7 posing for a group photo at the G7 meeting at Carbis Bay Hotel in Cornwall, England, on June 11. G7 countries put the tax agreement they reached to the 139 countries and jurisdictions that are part of the OECD/G20 framework. Faced with a take-it-or-leave-it choice, most developing countries agreed, despite significant reservations. Photo: Xinhua

US Treasury Secretary Janet Yellen (right) meets with German Finance Minister Olaf Scholz at the Treasury Department in Washington on July 2. The Biden administration wants to end the race to the bottom in corporate tax rates – a contest that has benefited only tax havens. Photo: Bloomberg

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In principle, 131 countries have agreed to guarantee a minimum tax rate for companies of at least 15 per cent
The minimum tax rate aims to prevent international corporations from shifting profits around the globe to pay as little tax as possible



In principle, 131 countries have agreed to guarantee a minimum tax rate for companies of at least 15 per cent.


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G20 finance ministers approve global tax reform for large companies

In principle, 131 countries have agreed to guarantee a minimum tax rate for companies of at least 15 per cent The minimum tax rate aims to prevent international corporations from shifting profits around the globe to pay as little tax as possible

In principle, 131 countries have agreed to guarantee a minimum tax rate for companies of at least 15 per cent

The minimum tax rate aims to prevent international corporations from shifting profits around the globe to pay as little tax as possible