The Group of Seven rich nations’ finance ministers have reduced their differences on global taxes, but they are unlikely to address concrete figures on minimum tax rates at their weekend summit, according to Finance Minister Taro Aso.
Although the plans have not been finalised, Aso stated that he intends to meet with US Treasury Secretary Janet Yellen on the margins of the June 4-5 G7 conference in Britain.
The G7 will vow this week to support their economies as they emerge from the pandemic and reach an “ambitious” deal on a minimum global corporate tax in July, a draft communique showed.
This tax would aim to solve the problem of large companies that generate huge revenues but pay very little tax because they set up offices for tax purposes in low-tax jurisdictions.
“I don’t think the June meeting would reach a debate on specific figures,” Aso told reporters after a cabinet meeting.
Asked about Japan’s position on minimum global tax and how he would address Japan’s stance in a meeting with Yellen at G7, Aso did not elaborate further, saying that the matter has not been put formally on agenda.
However, “the difference of opinions has narrowed over global taxation,” he added.