G20 countries reach deal on global tax

By Baris Seckin

VENICE, Italy (AA) - Italy’s economy and finance minister announced Saturday that G20 countries reached a deal on international tax regulation for multinational companies.

Daniele Franco told a news conference that he and his counterparts was able to secure an agreement on the payment of taxes by multinational companies where they operate and make profits.

It is a significant achievement and will contribute to the stability of the international tax system in years to come, he said.

Franco also noted that the group intends to put into effect mechanisms they agreed on until the G20 Leaders' Summit at the end of October.

"We have reached a historical agreement for a more stable and fair international tax system," according to a final declaration.