El G7 Reaching an international agreement to halt discussions between states on Collect taxes The digital giants, in line with the commitment made by the Organization for Economic Cooperation and Development and the Group of Twenty to find a solution by the middle of the year, said a statement.
The meeting, held last Friday by the economic and finance ministers and central bank governors of the countries that make up the Group of Seven, marks the beginning of the UK presidency for 2021. In addition, the first meeting was also in which Janet Yellen helped her in her new position as US Treasury Secretary.
The United Kingdom, as Group Chair this year, has affirmed its commitment to the need for an international solution on taxing the digital economy. The country urged the rest of the countries to “work together” towards a “durable and multilateral” solution by mid-2021, the deadline agreed upon by the G20 and the Organization for Economic Cooperation and Development.
British Finance Minister Rishi Sunak stressed that the priorities of the British Presidency for 2021 include protecting jobs and supporting the global economic recovery. During the meeting, ministers and central bank governors discussed how best to respond to the various phases of the recovery, including how to support workers and businesses in the short term while ensuring long-term sustainability.
During the meeting, Sunak also highlighted the “economic, health and ethical” imperative to achieve a “rapid and efficient” distribution of vaccines around the world. For this reason, he urged the G7 to take the lead in supporting vulnerable countries through 2021.
Likewise, the United Kingdom has also emphasized the importance of the seven countries working together to achieve an “efficient” transition towards the net-zero emissions target, particularly in the face of United Nations Conference on Climate Change (COP 26).