OECD Secretary-General Mathias Cormann welcomed today’s ground-breaking agreement by G7 Finance Ministers on key elements of international tax reform designed to address the tax challenges of the digitalisation and the globalisation of the economy.
“Governments around the world need to be able to raise the necessary revenue to fund the essential public services and support that their populations require and expect, in a way that is efficient, least distorting and also fair and equitable”, said Mr. Cormann.
“The combined effect of the globalisation and the digitalisation of our economies has caused distortions and inequities which can only be effectively addressed through a multilaterally agreed solution.
“Today’s consensus among the G7 Finance Ministers, including on a minimum level of global taxation, is a landmark step toward the global consensus necessary to reform the international tax system.
“There is important work left to do. But this decision adds important momentum to the coming discussions among the 139 member countries and jurisdictions of the OECD/G20 Inclusive Framework on BEPS where we continue to seek a final agreement ensuring that multinational companies pay their fair share everywhere.”
Today June 6 is the national day of Sweden, my home country. i am a proud Swedish citizen.
We celebrate our country, the Kingdom of Sweden.
At 450,295 square kilometres (173,860 sq mi), Sweden is the largest country in Northern Europe, the third-largest country in the European Union, and the fifth largest country in Europe.
The capital city is Stockholm. Sweden has a total population of 10.4 million.
UK has secured a new trade deal with Norway, Iceland and Liechtenstein.
The deal agreed in principle today (4th June) is the first time these three European countries have included dedicated chapters on digital trade and small businesses in any trade deal, making it the most advanced they have done to date.
Cutting-edge digital provisions mean when British firms export to Norway and Iceland, they will be able to benefit from commitments that limit unnecessary paperwork. Electronic documents, contracts and signatures will allow goods to move seamlessly across borders, saving businesses time and money.
”The agreement’s cutting-edge digital provisions make it the most advanced free trade deal signed by the three countries to date”
The agreement significantly cuts tariffs as high as 277% for exporters to Norway of West Country Farmhouse Cheddar, Orkney Scottish Island Cheddar, Traditional Welsh Caerphilly, and Yorkshire Wensleydale cheese. There are also tariff reductions and quotas on pork, poultry and other goods. UK wines and spirits including Scotch Whisky will also now be recognised in Norway and Iceland.
Reduced import tariffs on shrimps, prawns and haddock will reduce costs for UK fish processing, helping support some 18,000 jobs in that industry in Scotland, East Yorkshire and Northern Lincolnshire.
International Trade Secretary Liz Truss said: ”Today’s deal will be a major boost for our trade with Norway, Iceland and Liechtenstein, growing an economic relationship already worth £21.6 billion, while supporting jobs and prosperity in all four nations at home”.
International Trade Minister, Ranil Jayawardena said: ”This deal shows that the United Kingdom will continue to be a trade partner of choice, as we set the global trade agenda in areas like e-commerce and climate change. More trade and more investment will drive growth and support jobs in every corner of our country”.
The agreement means British businesses can bid for more government contracts in partner countries worth some £200 million a year.
The deal will allow caps on the charges mobile operators are allowed to charge each other for international mobile roaming, a world-first in an FTA, keeping costs low for holiday makers and business travellers.
It also allows high-skilled professionals to enter Norway, Iceland and Liechtenstein for business purposes, means faster and simpler visa processes and includes professional qualification recognition – so nurses, lawyers, vets and other professionals will have a clear route to apply to have their qualification recognised to work in the partner countries.
The deal means clearer rules for financial services firms that ensure they cannot be treated unfairly, and includes the most ambitious commitment to support investment ever secured by the UK in an FTA, enabling investors to appoint preferred candidates for senior management without being limited by nationality and residency criteria.