Finance Ministers of G20 countries discussing fair tax reforms to boost growth

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The meeting of Finance Ministers of G20 countries is underway in the Japanese city of Fukuoka.

Finance chiefs of major economies are debating over how to revise tax systems to ensure big companies pay their fair share and support economies as global growth slows. 

They called for the creation of a digital tax for multinational technology companies. The aim is to prevent tax evasion and to modernise policies, as financial markets and businesses have been transformed by technology.

Speaking at the meeting, Japanese finance minister Taro Aso, said this could be the biggest reform of the long established international framework in over 100 years.

Meanwhile, talking to reporters on the sidelines of the meeting, US treasury secretary Steven Mnuchin said that Washington is open to further negotiations with China on their ongoing trade battle. He, however, warned the US would press on with tariffs if a deal could not be reached.

US President Donald Trump is expected to meet his Chinese counterpart Xi Jinping at the G20 summit in Osaka on June 28-29. The leaders will possibly work on resolving their bruising standoff over trade and technology.