German finance minister Scholz says OECD tax agreement marks ‘colossal progress’


FILE PHOTO: Finance Minister Olaf Scholz speaks after German Chancellor Angela Merkel delivered a government declaration on the upcoming European Council meeting at the lower house of parliament Bundestag in Berlin, Germany, June 24, 2021. REUTERS/Michele Tantussi

July 1, 2021

WASHINGTON (Reuters) – German Finance Minister Olaf Scholz on Thursday welcomed the agreement by 130 countries in talks led by the Organization for Economic Cooperation and Development to support a global corporate minimum tax, calling it the biggest breakthrough in global taxation in decades.

“The race to the bottom in competition is over,” Scholz told reporters during a visit to Washington.

He said details still needed to be worked out, but the agreement marked “colossal progress” and would allow countries to increase investment in infrastructure and efforts to combat climate change.

(Reporting by Andrea Shalal)

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