Europe wants G20 to make digital taxation a top priority this year

• Financial

The European Union, a 28-member pact of European countries alongside its allies would more likely to step up pressure on G20 leaders to reach a common tariff rules to tax the tech conglomerates likes of world’s No. 1 internet service provider Alphabet Inc.-owned Google LLC., world’s largest online retailer Amazon.com Inc., social networking titan Facebook Inc.

and a many more, a classified EU document seen by a press agency reporter had revealed on Friday, the 14th of February 2020. In point of fact, the EU document suggests the February 22nd-23rd summit of G20 nations in Riyadh where the Finance Ministers alongside Central Bank Governors of the world’s top 20 economies would participate, would likely to centre its focus more on to digital taxation among other issues, nonetheless, a steep rejection on a global taxation rule for the tech Goliaths was expected from US Treasury’s Mnuchin since a lion-share of global tech conglomerates were being nurtured by the United States.

Meanwhile, underscoring the stance of all EU members alongside Britain that departed the bloc on January 31st on taxing the digital giants, the document said, “We need to give the highest priority to finding global solutions to address the taxation of the digital economy and the remaining Base Erosion and Profit Shifting issues.

We look forward to ambitious, fair, effective, non-discriminatory and workable global solutions and will redouble our efforts towards a consensus-based solution to deliver this global goal in 2020. ”