G7 leaders reaffirm commitment to reach international tax agreement

G7 leaders reaffirmed their commitment on February 19 to reach an agreement by mid-2021 on new international tax rules. 

During a first leaders’ meeting under the UK’s G7 presidency, the Group of Seven resolved to make 2021 “a turning point for multilateralism.” It also vowed to work more closely together to fight COVID-19.

“We will… strive to reach a consensus-based solution on international taxation by mid-2021 within the framework of the OECD,” the group said in a statement. 

The G7 is comprised of the countries of Canada, France, Germany, Italy, Japan, the UK, and the US.