Saturday, February 15, 2020

There is Going to Be Global Tax Plotting in Saudi Arabia

The Treasury has announced that Secretary Steve Mnuchin will travel to Saudi Arabia to attend the G20 Finance Ministers and Central Bank Governors Meeting in Riyadh from February 22-23, 2020.

“This trip will focus on advancing the Trump Administration’s economic agenda and working with international partners to address key economic and security issues to strengthen global growth,” said . “Meetings at the G20 provide an opportunity to continue productive engagement on a range of important issues, including international taxation, debt transparency and sustainability, digital assets, and efforts to combat terrorist financing.”

In June of last year, the G20 agreed to compile common rules in 2020 to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes.

The new rules are expected to mean higher tax burdens for large multinational companies and also make it harder for countries such as Ireland to attract foreign direct investment with the promise of ultra-low corporate tax rates.

 In Riyadh, Mnuchin will participate in the official G20 program and meet with his international counterparts, including with leaders from Saudi Arabia, Argentina, Canada, the European Union, Japan, Mexico, South Korea, and the United Kingdom.

 Following the G20 meetings,  Mnuchin will visit Abu Dhabi and Qatar.


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