Italian minister: G20 wants corporate tax deal by July

Italy's finance minister said Wednesday that the Group of 20 advanced economies hope by a ministerial meeting in July to have reached an agreement on international taxation, an issue being pressed by US Treasury Secretary Janet Yellen.

While international taxation reform has been in discussion for several years, Finance Minister Daniele Franco said there has been an "acceleration in the process" this year.

Yellen last week urged the adoption of a minimum global corporate income tax, citing a "30-year race to the bottom" in which countries have slashed corporate tax rates in an effort to attract multinational businesses.

The discussions are focused on two pillars of global international taxation: The fair allocation of profits among different companies where multinationals operate, and the global minimum effective tax rate, Franco said.

Italy last December took over the rotating presidency of the G-20, an international forum bringing together major economies that cumulatively account for more than 80% of the world's GDP.

Economy and finance ministers will check in on progress on issues in Venice, and a global summit is planned for October.

Climate change and tax policy are on the agenda for July.