The G7 considered as a “top priority” to reach an international agreement to stop discussions between countries on the taxation of digital giants, following the commitment set by the OECD and the G20 to reach a solution by mid-year, as reported in a statement.

The meeting held last Friday by the Ministers of Economy and Finance and the central bankers of the countries that make up the Group of Seven marks the beginning of the United Kingdom’s presidency for 2021. In addition, it was also the first meeting that has assisted Janet Yellen in her new position as Secretary of the United States Treasury.

The United Kingdom, as Chairman of the Group for this year, highlighted its commitment to the need to reach an international solution on taxation of the digital economy. The country urged the rest of nations to “work together” towards a “durable and multilateral” solution by mid-2021, the deadline agreed by the G20 and the OECD.

UK Finance Minister Rishi Sunak stressed that the British presidency’s priorities for 2021 include protecting jobs and supporting global economic recovery. During the meeting, ministers and central bankers discussed how best to respond to the different phases of the recovery, including how to support workers and businesses in the short term while ensuring long-term sustainability.

Sunak also highlighted during the meeting the “economic, sanitary and moral” imperative of achieving a “rapid and effective” distribution of vaccines throughout the world. For this reason, he has urged the G7 to take the initiative in supporting vulnerable countries during 2021.

K. Tovar

Source: Notiamerica 

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