Economy Minister Giancarlo Giorgettisaid Wednesday that he fears plans to bring in a Global MinimumTax (GMT) to make sure multinational companies pay a minimum tax rate of 15% will not come to fruition.
"Unfortunately, I seriously fear that the global minimum tax is going to run aground," Giorgetti told a conference on taxation at the Lower House.
"I have sensed this in G20 and G7 meetings - that it will not be possible to achieve this necessity, which is a moral imperative, in the time-frames we had hoped for".
More than 140 countries have committed to implement a new global tax agreement proposed by the OECD.
The plan aims to end the benefit of shielding multi-billion-dollar profits in tax havens and to remove the incentive for nations to operate as tax havens for corporate giants.
The OECD estimates that a GMT would reduce under-taxed profits by around 80%.
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