Economics
G-20 Ministers Agree to Redouble Efforts to Tax Tech Behemoths
- Officials say reaching consensus on tax changes won’t be easy
- G-20 finance and central bank officials met in Fukuoka, Japan
Banners for the Group of 20 (G-20) finance ministers and central bank governors meeting in Fukuoka.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Finance Ministers from Group of 20 nations agreed they need to find a common method to tax technology giants, whose digital business models have grown exponentially faster than systems to tax them.
“We agreed on a need to redouble our efforts to reach consensus by 2020,” Japanese Vice Minister for Finance Masatsugu Asakawa said Saturday following a G-20 symposium on international taxation that brought together finance ministers from nations including the U.S., China and France. “Should we fail to meet our commitment, we will see more and more unilateral actions and the fragmentation of the international tax system.”