G20 finance ministers have announced they are supporting a historic shake-up in tax laws that target multinational corporations that move profits into low-tax havens.
The support, of the 19 biggest economies and the European Union will help ensure the tax revolution becomes a reality following eight years of intense negotiations.
“We have achieved a historic agreement on a more stable and fairer international tax architecture,” the G20 finance ministers said in a final statement after the meeting in Italy.
“We endorse the key components of the two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax.”
The deal will change international rules so that large multinationals pay their share of tax in the countries in which they do business.
It will introduce a global minimum rate that ensures multinationals pay tax of at least 15 per cent on profit in each country in which they operate.
A total of 131 countries representing 95 per cent of the world's gross domestic product have signed up to a deal on global tax reform, building on the agreement reached when the UK hosted G7 ministers in London last month.
In Venice, on Saturday, the G20 gave its backing.
“The world is ready to end the global race to the bottom on corporate taxation,” US Treasury Secretary Janet Yellen said.
She added that the world “should now move quickly to finalise the deal".
While tax campaigners point to loopholes in the proposals and wanted a more ambitious crackdown, the move is a rare case of cross-border coordination in tax matters and could strip many tax havens of their appeal.
If all goes to plan, the new tax rules should be translated into binding legislation worldwide before the end of 2023.
However, there could be a fight in the US where many of the multinationals were founded by people who now among the world’s richest, and there could be difficulties in the EU where Ireland, Estonia and Hungary have not yet signed up.
The reforms aim to prevent countries competing to offer ever lower tax rates to attract investment, which has often resulted in multinationals paying tiny levels of tax.
French Finance Minister Bruno Le Maire said it was a once-in-a-century opportunity for a “tax revolution”, adding: “There is no turning back.”
“Finally, large corporations can no longer escape their tax liability,” the German Finance Minster Olaf Scholz, tweeted.
Final agreement on the deal is expected in the run-up to the G20 leaders' summit in Rome in October.
Multinationals operate in many countries but usually pay taxes on profits only in tax domiciles cherry-picked for their low rates.
The profit reform would initially apply to the top 100 or so companies, and is targeted at the most aggressive users of tax-reducing domiciles, such as technology giants Google, Amazon, Facebook and Apple.
The changes agreed to will ensure “that the right companies pay the right tax in the right places”, Britain's Chancellor of the Exchequer Rishi Sunak said.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
STAY%2C%20DAUGHTER
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More coverage from the Future Forum
COMPANY%20PROFILE
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Killing of Qassem Suleimani
THE DEALS
Hamilton $60m x 2 = $120m
Vettel $45m x 2 = $90m
Ricciardo $35m x 2 = $70m
Verstappen $55m x 3 = $165m
Leclerc $20m x 2 = $40m
TOTAL $485m
Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
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World Cup League Two
Results
Oman beat Nepal by 18 runs
Oman beat United States by six wickets
Nepal beat United States by 35 runs
Oman beat Nepal by eight wickets
Fixtures
Tuesday, Oman v United States
Wednesday, Nepal v United States
BUNDESLIGA FIXTURES
Friday (All UAE kick-off times)
Borussia Dortmund v Eintracht Frankfurt (11.30pm)
Saturday
Union Berlin v Bayer Leverkusen (6.30pm)
FA Augsburg v SC Freiburg (6.30pm)
RB Leipzig v Werder Bremen (6.30pm)
SC Paderborn v Hertha Berlin (6.30pm)
Hoffenheim v Wolfsburg (6.30pm)
Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)
Sunday
Cologne v Bayern Munich (6.30pm)
Mainz v FC Schalke (9pm)
Stage 2 results
1 Caleb Ewan (AUS) Lotto Soudal 04:18:18
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:02
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:04
4 Diego Ulissi (ITA) UAE Team Emirates
5 Rick Zabel (GER) Israel Start-Up Nation
General Classification
1 Caleb Ewan (AUS) Lotto Soudal 07:47:19
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:12
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:16
4 Nikolai Cherkasov (RUS) Gazprom-Rusvelo 00:00:17
5 Alexey Lutsensko (KAZ) Astana Pro Team 00:00:19
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
Killing of Qassem Suleimani
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