China says G20 should be practical on corporate taxes


China believes the major economies in the Group of 20 should take a practical approach to setting a global minimum corporate tax and be inclusive, the foreign ministry said on Monday.

G7 Finance Ministers Meeting in London

BEIJING: China believes the leading Group of 20 economies should take a practical approach to setting a global minimum corporate tax and be inclusive, the Foreign Ministry said on Monday.

Over the weekend, finance ministers from the Group of Seven major industrialized countries agreed to a global corporate tax rate of at least 15%. The landmark deal could put pressure on other nations, including within the G20 set to meet next month, to do the same.

China believes the G20 will address the concerns of all parties, Chinese Foreign Ministry spokesman Wang Wenbin said at a regular press conference. China, which is a member of the G20 but not the G7, currently has a 25% corporate tax rate.

(Reporting by Gabriel Crossley; Writing by Ryan Woo; Editing by Gareth Jones; Editing by Gareth Jones)

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