G-20 Ministers Agree to Redouble Efforts to Tax Tech Behemoths

Finance Ministers from Group of 20 nations agreed they need to find a common method to tax technology giants, whose digital business models have grown exponentially faster than systems to tax them.

“We agreed on a need to redouble our efforts to reach consensus by 2020,” Japanese Vice Minister for Finance Masatsugu Asakawa said on Saturday following a G-20 symposium on international taxation that brought together finance ministers from nations including the U.S., China and France. “Should we fail to meet our commitment, we will see more and more unilateral actions and the fragmentation of the international tax system.”

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