PARIS, 11 July 2021, (TON): Finance officials in the Group of 20 (G-20) endorsed key components of a framework for an international tax overhaul that is a top priority of the Biden administration.

The G-20 finance ministers and central bank governors announced their backing of major elements of the Organization for Economic Cooperation and Development’s (OECD) tax framework following a meeting in Venice, Italy. The framework calls for a global minimum tax for corporations of at least 15 percent.

The G-20 finance officials said in a statement “after many years of discussions and building on the progress made last year, we have achieved a historic agreement on a more stable and fairer international tax architecture.”

The statement from the G-20, a group of major economies that includes the U.S.  comes after more than 100 countries in the OECD released a statement earlier this month in support of a global minimum tax of at least 15 percent.

The G-20 countries were among those that signed onto the OECD statement.

The G-20 and OECD have been working for several years on international tax issues and are hoping to finalize a detailed implementation plan in October.

A final agreement will include more details about the tax rate and base for a global minimum tax. In addition to the discussions on a global minimum tax, the Organization for Economic Cooperation and Development and G-20 are also working on a framework related to the location of where corporate profits are taxed.