Global minimum tax at rate of 15%, removal of digital services taxes

A communique was released today following meetings of the finance ministers and central bank governors of the G7 countries.

Others participating in the meetings were the heads of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD), Eurogroup, and Financial Stability Board.

The communique (June 5, 2021) (and included in a release from the U.S. Treasury Department) reflects that as part of a “renewed and urgent effort towards deeper multilateral economic cooperation,” agreement was reached to support efforts through the G20/OECD Inclusive Framework to address the tax challenges arising from globalisation and the digitalisation of the economy and to adopt a global minimum tax.

Source KPMG

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