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OECD President: G7 tax deal not much support for US – economy –


OECD General Secretary Matthias Gorman
© APA / POOL

The Organization of the Petroleum Exporting Countries (OECD) does not consider plans for global tax reform to be more favorable to the United States. OECD General Secretary Matthias Gorman told the BBC on Monday. In the end, the largest and most operating companies in many countries pay higher taxes than ever before. Korman added that he thinks Amazon, an American online retailer, will also be subject to the rules.

Seven leading industrialized nations (G7) over the weekend agreed on the first details of global tax reform. This includes a minimum tax of at least 15 percent for large companies. In addition, developing countries need to be better. In the future, they should receive minimum tax payments from the world’s largest and most profitable companies. In Europe, there are some fears that Amazon, with a relatively low margin in its operational business, could fall through the cracks.

In July, the G20 meets in Venice – industrialized countries expanding to include the most important emerging countries such as China, India and Brazil. It should show whether the G7 deal is in a big circle. A Chinese Foreign Ministry spokesman said on Monday that the G20 panel should be pragmatic in this regard.

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