G7 ministers agree plan on digital tax but more work ahead

CHANTILLY, France: Ministers from G7 top economies on Thursday reached consensus on steps towards an accord on taxing digital giants, an issue that has divided the United States and its allies Britain and France.

Le Maire said finance ministers and central bankers had reached an agreement"to tax activities without physical presence, in particular digital activities."AdvertisementFrance issued a statement saying the G7 had agreed a two-pronged solution - confirming the principle of companies being able to accrue revenues outside their legal base but also on a minimum tax to be agreed internationally for their activities."Ministers agreed that a minimum level of effective taxation ...

Further talks would now be needed in the wider context of the G20 group of top economies for an international agreement which would be overseen by the Organisation for Economic Cooperation and Development ."STEP FORWARD" "We made some significant progress at this meeting, there is more work to be done," Mnuchin told reporters, adding that ministers had made a"big step in the right direction".

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