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Australia upbeat on global tax talks at G20 in India

15 July 2023 08:34 (UTC +04:00)

Australian Treasurer Jim Chalmers expressed optimism on Saturday about progress on a long-awaited overhaul of global corporate taxation at a meeting of Group of 20 (G20) nations in India, APA reports citing Reuters.

"There's been progress made over the years and we want to advance that progress further," Chalmers said, referring to the meeting Monday and Tuesday of G20 finance ministers and central bankers.

More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinational corporations. The rules are widely considered outdated as digital giants like Apple or Amazon can book profits in low-tax countries.

But several countries have concerns about a multilateral treaty underpinning a major element of the plan, and some analysts say the overhaul is at risk of collapse.

"This is a really important opportunity to make sure that we get the multinational tax arrangements right so that companies pay the tax where they make their profits," said Chalmers, who will attend with outgoing Reserve Bank of Australia Governor Philip Lowe.

"Countries like ours stand to be beneficiaries and that's why we want to be part of it."