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Global finance leaders begin talks on tax reform

A spokeswoman for the Ministry of Finance did not comment.

Top economic officials from Spain, Italy, France and Germany expressed optimism on Friday morning that the tax negotiations, which have been going on for several years, are going according to plan. In an essay published in the Guardian newspaper, they suggested that the Biden administration’s new negotiating approach was more constructive than the Trump administration’s tactics, which went off the negotiating table last year.

“With the new Biden administration, there is no longer any veto on this new system,” they wrote, adding that they thought a global tax treaty could be concluded by July. “It’s within our reach.”

Officials hope that an agreement in the G7 will lead to even broader support when the group of 20 finance ministers meets in Italy next month and paves the way for a final deal when the G20 leaders meet in October. Negotiations take place through the Organization for Economic Co-operation and Development, the Paris-based international political agency that counts the richest nations in the world among its members.

Implementation of the agreement will be complex and will require countries to change their laws to comply with the basic agreements. The Republican legislature in the United States has already expressed concern about the proposals.

The Biden government still holds out the prospect of retaliatory tariffs against European countries that have introduced digital taxes.

Earlier this week, the government imposed tariffs on goods valued at around $ 2.1 billion from Austria, the UK, India, Italy, Spain and Turkey, but immediately suspended those tariffs for 180 days to allow negotiations to continue enable.

The G7 countries are Great Britain, Canada, France, Germany, Italy, Japan and the United States. The summit is the first face-to-face meeting of top officials from the world’s advanced economies since the pandemic broke out in early 2020 and has turned such events into virtual affairs.

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