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European finance ministers say deal to stop global tax abuse is within reach

France, Germany, Italy and Spain increase pressure for an end to loopholes that enable multinationals to pay minimal tax. Da The Guardian.

The EU’s four biggest economies have raised the pressure for a landmark agreement to curb tax abuse by multinational companies to be reached at G7 meetings in London on Friday.

Sending a united message in a letter in the Guardian, the finance ministers of France, Germany, Italy and Spain said a critical moment had been reached to strike a blow against tax avoidance as governments around the world attempt to rebuild from the Covid-19 pandemic.

The heads of the EU’s most powerful finance ministries, who are set to meet G7 counterparts at Lancaster House in London, said that agreement at the summit was within reach after years of false starts.

“For more than four years, France, Germany, Italy and Spain have been working together to create an international tax system fit for the 21st century. It is a saga of many twists and turns. Now it’s time to come to an agreement,” they said.

A breakthrough in London would be key for paving the way for a wider deal between nations including China, India and Brazil at meetings taking place between the G20 in Italy next month, the ministers said, adding there was a need to re-establish an international consensus on major global issues.

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