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06/09/2019

G20 outcomes: High taxes and artificial intelligence

G20 outcomes: High taxes and artificial intelligence

The Finance Ministers of the world’s 20 leading economies came together before the annual G20 summit.

The officials discussed global tax policy in the Japanese city Tsukuba before the conference began in Osaka on June 28.

During the talks, representatives of the participating countries discussed the problems of artificial intelligence, social networks and the global economy.

Statements

Japan’s finance minister, Tarō Asō, said it was time to revise a policy of tax breaks for the largest financial corporations, in order to direct more resources toward strengthening the national economy and the well-being of the population.

US Treasury Secretary Stephen Mnuchin favored the idea of ​​abolishing tax concessions to large joint-stock companies and agreed that corporate taxes should be raised.

France’s Finance Minister Bruno Le Maire announced that the French state intends to reduce its participation in the production and sale of Renault-Mitsubishi-Nissan vehicles to 15%.

The first official statement on artificial intelligence

For the first time, the G-20 countries agreed on principles for dealing with artificial intelligence. They are spelled out in a joint statement which was issued on Saturday.

The document states that developers and users of AI technologies must respect basic legal principles, human rights and democratic values. A “human-centered” approach was also noted. AI systems must be “stable, protected, and reliable” throughout their use and must not carry any unacceptable risks.

Measures against Facebook and Google

The G20 countries agreed to create rules for eliminating tax loopholes being exploited by Facebook, Google, Amazon and other large technology firms, introducing a “digital tax.”

A digital tax will help ensure that large corporations pay taxes in all countries in which it provides services.

Other topics

Mnuchin was particularly pleased with a recent deal struck between the United States and Mexico, calling it “very, very significant” and a “very important outcome”.

On June 7, Washington and Mexico City reached an 11th-hour deal on migration following tariff threats by President Donald Trump. Mexico agreed to send military units to the border to help combat illegal immigration.

Some agreements were signed at the meeting as well. Turkey has signed a contract with Canada. Turkey’s Trade Minister Ruhsar Pekcan and her Canadian counterpart Jim Carr noted that the agreement will help “to increase commercial relations and investment between Turkey and Canada.”

 

 
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