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U.S. Treasury Secretary meets French counterpart at G20

Credit: Reuters Studio
Published on June 8, 2019 - Duration: 00:41s

U.S. Treasury Secretary meets French counterpart at G20

U.S. Secretary of Treasury Steven Mnuchin met his French counterpart Bruno Le Maire on Saturday on the sidelines of a G20 finance leaders' meeting in Japan.

Rough cut - no reporter narration.

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U.S. Treasury Secretary meets French counterpart at G20

ROUGH CUT - NO REPORTER NARRATION U.S. Secretary of Treasury Steven Mnuchin met his French counterpart Bruno Le Maire on Saturday (June 8) on the sidelines of a G20 finance leaders' meeting in Japan.

The two-day meeting in the southern city of Fukuoka kicked off with a symposium on tax.

During the meeting the ministers are expected to discuss a range of issues including the widening fallout from the U.S.-China trade war.

Group of 20 finance ministers also agreed on Saturday to push ahead on compiling common rules that will close loopholes that global technology giants like Facebook FB.O use to reduce their corporate tax burden.

Facebook, Google, Amazon and other large tech companies have come under criticism for cutting their tax bills by booking profits in low-tax countries regardless of the location of the end customer, practices seen by many as unfair.

The new rules mean higher tax burdens for large multi-national firms, but will also make it more difficult for countries like Ireland to attract foreign direct investment with the promise of ultra-low corporate tax rates.

Big internet companies say they follow tax rules but have paid little tax in Europe, typically by channeling sales via countries such as Ireland and Luxembourg, which have light-touch tax regimes.

The U.S. government has expressed concern in the past that the European push for a "digital tax" unfairly targets U.S. tech giants.

Officials from major countries are expected to meet again twice this year to hammer out the finer details with the aim of finalising an agreement next year.

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