This is a joint G7 statement on global minimum tax announced by the Ministry of Finance. It reports on the progress of international tax coordination and consensus building among countries.
Key Points
1. Overview of Global Minimum Tax
- Purpose: Preventing tax avoidance by multinational corporations and achieving fair tax burden
- Minimum Tax Rate: Setting a global minimum tax rate of 15%
- Target Companies: Large multinational corporate groups
- International Cooperation: Implementation based on agreements within the OECD/G20 Inclusive Framework
2. Key Keywords in G7 Statement
- US OBBBA Bill: Trends in related legislation in the United States
- Withdrawal of Retaliatory Tax Section 899: Measures to avoid international tax disputes
- G7 Agreement: Confirmation of coordinated implementation among major developed countries
- Implementation Timeline: Progress status of domestic legislation in each country
3. Challenges and Progress Toward Implementation
- Domestic Legislation: Need for legal framework development in each country
- Technical Details: Development of implementation rules and guidance
- International Coordination: Adjustment between different tax systems
- Impact on Companies: Changes in compliance costs and tax burden
4. Future Outlook
- Phased Implementation: Coordination of introduction schedules in each country
- Monitoring: Continuous monitoring of implementation status
- System Improvement: System refinement based on implementation experience
- International Cooperation: Strengthening information exchange and cooperation between tax authorities
This statement demonstrates the strong political commitment of G7 countries toward ensuring international tax fairness and preventing tax avoidance.