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‘A strong message for greater tax fairness’ – PACE rapporteur welcomes G7 pledge on corporate tax

“I welcome the strong support expressed by G7 Finance Ministers on 4-5 June in London for the introduction of a minimum corporate tax and a fair distribution of the taxation of the profits of large multinationals, especially the big digital companies. This is a major break in the race to the bottom in national tax systems that has been going on since the 1980s,” said Georgios Katrougalos (Greece, UEL), rapporteur for the Council of Europe Parliamentary Assembly (PACE) on Fighting fiscal injustice: the work of the OECD on taxation of digital economy.

“Ministers are sending a strong message for greater tax fairness - especially necessary in the times of the pandemic, which has exacerbated inequalities - and demonstrating that multilateralism is the most appropriate way to achieve coordinated policy responses. I now call on the G20 Finance Ministers, who will meet in Venice in July, and then on all OECD member States, under the leadership of its new Secretary-General Mathias Cormann, to finalise the crucial work led by the OECD on the Inclusive Framework on Base Erosion and Profit Shifting (BEPS),” added Mr Katrougalos.

In its Resolution 2370 (2021), the Parliamentary Assembly recalled that the ability of governments to raise funds through taxation is a fundamental anchor of democracy. It urged member States to further support and promote the OECD’s crucial work on BEPS.