China says G20 should be practical about corporate taxes

BEIJING: China believes the Group of 20 leading economies should take a practical approach towards setting any global minimum corporate tax and demonstrate inclusiveness, the foreign ministry said on Monday.

Over the weekend, finance ministers from the Group of Seven major industralised nations agreed to a global corporate tax rate of at least 15%. The historic deal could put pressure on other nations, including within the G20 which is due to meet next month, to do the same.

China believes the G20 will handle the concerns of all parties, Wang Wenbin, a spokesman at the Chinese foreign ministry, said at a regular media briefing. China, which is a member of the G20 but not of the G7, currently has a corporate tax rate of 25%. Reuters