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G-20 finance chiefs back global tax deal and vow to clear hurdles

The landmark agreement aims to revamp rules that have allowed major companies to save billions by shifting profits to low tax jurisdictions

European Central Bank President Christine Lagarde
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European Central Bank President Christine Lagarde, second from right, arrives for a G20 meeting of Economy and Finance ministers and Central bank governors, in Venice (Photo: AP/PTI)

Christopher Condon, Birgit Jennen and William Horobin | Bloomberg
Top officials from the US, Germany and France said they’re confident that a global tax deal endorsed at the Group of 20 meeting in Italy has enough momentum to overcome political obstacles in Washington and within the European Union in time for it to be finalized in October.

“There’s more work to be done, but I’m really hopeful that with the growing consensus we’re on a path to a tax regime that will be fair for all of our citizens,” US Treasury Secretary Janet Yellen told reporters on the sidelines of the meeting in Venice.

The landmark agreement aims to revamp rules