Italy’s Finance Minister Daniele Franco delivers his speech during a panel at the G20 meeting in Venice on Friday.
“We have achieved a historic agreement on a more stable and fairer international tax architecture,” the ministers said in a final statement following two days of talks in Venice, hosted by G20 president Italy. 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.”
But some nations are opposed to 15%, including Ireland, which lured Apple and Google to Dublin with low tax rates.Without the agreement of Ireland and other EU hold-outs Hungary and Estonia, the EU cannot implement the deal. “To have worldwide rules for taxing multinationals, for taxing profits of big companies is a major change, it’s a major achievement,” he said.
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