G7 finance chiefs to meet, will discuss Ukraine, global taxation

Financial leaders from the Group of Seven (G7) advanced countries will hold talks on July 16 on the sidelines of the broader G20 meeting in India, Japanese Finance Minister Shunichi Suzuki said on Friday.

The G7 groups Britain, Canada, France, Germany, Italy, Japan and the United States.

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“Support for Ukraine, MDBs (multilateral development banks) reform and international taxation will be discussed at this meeting,” Suzuki added. “We have no plan to issue a statement but we will lead debates to resolve problems the world faces.”

Separately, G20 under the chair India will discuss the global economy and health insurance, sustainable finance and infrastructure, global financial architecture, global tax reform and inclusive finance, he said.

Suzuki welcomed an agreement on Thursday by around 140 members of the OECD/G20 ‘Inclusive Framework on Base Erosion and Profit Shifting (BEPS),’ on a key statement recognising the significant progress towards major global tax reform.

This pact helps “bring stability and certainty to international taxation system. It’s designed to review the principle global tax scheme over the past century and can be historic,” Suzuki said.

Countries with digital services taxes have agreed to hold off applying them for at least another year as a global multinationals tax deal to replace them was pushed back. More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinationals that are widely considered to be outdated.

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