G20 Backs Global Tax Reform
Finance chiefs of world’s 20 large economies endorse plan to stop multinationals shifting profits to low-tax havens.
The United States, Britain, France, Germany, Italy, Canada and Japan (known as the G7 countries) reached a landmark deal on 5 June 2021 to pursue higher global taxation on multinational businesses such as Google, Starbucks, Apple and Amazon.
The EU Commission and the European Parliament reached this week a deal on the rules that will force large multinational companies to disclose how much revenue and tax they pay in the 27 EU member states and how much in tax havens as defined by the EU.
It is understood that on 26 May 2021 the Russian President signed the bill which was approved on 19 May 2021 by the upper chamber of the Russian Parliament (the Federation Council) in order to terminate the Russia - Netherlands tax treaty.