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00:00:00
the world's twenty biggest economies appear set to move ahead on common regulations designed to block off off shore tax havens for the likes of Facebook Amazon Google and other tech giants the rules don't require them to pay any taxes for the but they get tax judges sounds like we have a strong consensus government finance chiefs are meeting at this year's G. twenty summit in Japan a draft of a joint statement from them seen by Reuters includes an agreement for a global minimum tax rate for digital services end a way to divide taxes even in cases where companies don't have a physical presence in a country , if these officials are successful it would represent a rare moment of unity for their countries in the sense that Europe Japan and China all find themselves in trade disputes of varying severity with the United States and now it would seem they've all found the common folk many of the largest tech companies have faced criticism for cutting their tax contributions significantly by channeling profits through countries with very low tax rates such as Ireland and Luxembourg , these officials aren't in complete agreement though the US treasury secretary Stephen Venetian is concerned about American companies may be unfairly targeted meanwhile there is no indication of any progress at all at the summit regarding the biggest trade problem the US China trade war