St Vincent Refuses To Sign Global Tax Agreement

Member States of the G20, G8 and G7. Source: http://www.us.boell.org

The world’s largest economy will exert pressure on eight countries refusing to sign a global tax reform agreement that imposes a minimum tax on multinational corporations.

The Southern Caribbean island of St Vincent and the Grenadines are among those countries.

A draft communiqué leaked on July 9 and validated by G20 officials in the Financial Times urges all countries to make concessions by the time G20 leaders meet in Italy in October 2021.

Officials from several G20 countries have said that the exact wording of the communiqué has not yet been finalized, but officials from one influential nation said the approval of the agreement by the G20 meant “there was no turning back.” 

Eight countries, including St. Vincent and the Grenadines, Ireland, Barbados, Hungary, and Estonia, have postponed a 15% minimum levy agreement backed by the United States, China, India, and most EU countries.

Continue reading at:https://news784.com/2021/07/19/st-vincent-refuses-to-sign-global-tax-agreement/?fbclid=IwAR2ZPtt7MK1G6iZfhBrba8yGHf9bx4VdzWIhOXU94VwiABYeGUU0xxKdWkk

Other holdouts include Sri Lanka, Nigeria, and Kenya. 

Political support for the G20 will give momentum to efforts to reach a final agreement expected to be implemented by 2023, but critical technical issues remain and could be resolved before October.

These include various so-called “curve-out” agreements that allow some countries to use opt-outs from transactions to encourage investment.

The G20 Finance Ministers on July 10 approved a global corporate tax of at least 15 percent to be imposed on multinational companies (MNCs) to end tax-havens.

In the two-day virtual meet headquartered from Venice (Italy), the Group also endorsed a broad agreement plan introducing new rules for taxation of cross-border businesses as reported by ANI.

Please join the conversation on Caribbean Empowerment’s Facebook page at https://www.facebook.com/groups/2583126101949661/ Or, you can comment by emailing us at: caribbeanempowerment@pm.me
Graphic: Member States of the G20, G8 and G7. Source: http://www.us.boell.org

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s