Milimeter of the rich nations' according to the Tax Treatment of Technology Published 17 hours AgocommentsCommentsSharecloshare Pageecopy Linkabout Sharingmedia Captitg7: 'i believe that we can make a significant progress' - Sunak

A global agreement to end the "Race to the Bottom" in Corporate Tax is in view, according to the Ministers of French and German finances.

France Bruno Le Maire told BBC the G7 Club of the rich nations were "only one millimeter away from a historical agreement" at a global minimum rate.

She urged the Low Associations as Ireland to support a deal that would lead the technology giants as Amazon and Microsoft.

The German finance minister said that a rate of 15% would help pay the Covid debt

tax on great technologies and multinationals has been a source of friction between countries of USA UU and colleagues G7, like the United Kingdom.

he said it was "absolutely necessary" to reach an agreement to "get out of this race to the bottom we see with taxes today ... especially after the Covid crisis and all the money we spent to defend The health of the people and defend the economy. " The Finance image of CaptionFrench, Bruno Le Maire, told the BBC any agreement, must include a technical tax on digital activities, as well as a minimum rate.

Mr. Le Maire also urged Ireland, who has one of the lowest corporate tax rates in the European Union, 12.5%, to get "on board".

He added: "European countries, who in the past, opposed this new international tax system, must understand that they have to give the agreement to this great progress."

'starting points and stuck points'

Both the ministers said that the agreement on a minimum rate remained a stuck point .

Mr. Le Maire said that he saw the rate of 15% as a "starting point".

He said: "If it may be greater, it is better to have a higher rate than 15%".

However, Mr. Scholz suggested that 15% would be an effective start. Point that would mark a "turning point" after years of going in the other direction.

It occurred after the unique Chancellor, Rishi Sunak, says he was "sure" to reach a global agreement on digital tax before a meeting. of the world's finance leaders.

Finance Mysters will also discuss climate change at the two-day meeting that begins in London on Friday.

ahead of G7 talks, starting at London on Friday, Mr. Le Maire and Mr. Scholz, along with his counterparts in Italy and Spain, co-signed a letter urging an agreement on A system of international taxes "FIT for the 21st century".

In a letter to the tutor, they wrote: "The introduction of this fairer and more efficient international tax system was already a priority before the current economic crisis, and it will be all the most necessary."

Those who attend the Summit of the G7 finance ministers are sure that an agreement will be made in global taxation for Saturday morning, and they are not shy for their "historical nature". Mr. Scholz told me that "they will have an agreement that will really change the world ... this will be a turning point in global cooperation."

Another finance minister said privately, the deal will begin to establish 21st century rules, because if the democracies of Western G7 were unable to do so, then China would.

The change of the United Kingdom on the minimum tax rates is quite. Successive elections have been delivered about the danger of tax increases from the corporation to jobs and investment. Now, it is not only politics, but the United Kingdom is concentrated to monitor an agreement to limit the extent to which a future chancellor could cut it.

There are two stuck points, the sources tell me. First, there is mention (or not) of a tax rate of global minimum corporation

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