Economy. The G7 has been designated a “top priority” to reach an agreement on digital taxes this year

Madrid, 12 (Europe Press)

The G7 has set itself a “top priority” to reach an international agreement to stop discussions between countries on taxing digital giants, in line with the commitment set by the Organization for Economic Cooperation and Development and the G20 to reach a solution by the middle of the year as stated in the current situation.

Friday’s meeting of the Ministers of Economy and Finance and central bankers of the countries that make up the Group of Seven marks the beginning of the UK Presidency for 2021. In addition, it was also the first meeting that Janet Yellen 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” toward 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. That is why he urged the G7 to take the lead in supporting vulnerable countries through 2021.

Likewise, the UK has also emphasized the importance of the seven countries working together to achieve an “efficient” transition towards the net-zero emissions target, particularly ahead of the United Nations Climate Change Conference (COP 26).