STRESA, Italy, May 24 (Reuters) - An accord over a

global minimum tax on multinationals will not be finalised by

June as previously planned, Italy's Economy Minister Giancarlo

Giorgetti said ahead of a G7 finance summit starting on Friday.

Giorgetti, who chairs the gathering as Italy holds the G7

presidency this year, said that the United States, India and

China all have reservations over the terms of the deal.

The tax is aimed mainly at U.S.-based digital giants, with a

so-called "first pillar" aimed at reallocating taxing rights on

about $200 billion of corporate profits to the countries where

the companies do business.

Speaking to reporters in Stresa, northern Italy, Giorgetti

said on Thursday the deal would not be ratified by all countries

that were due to participate in a multilateral signing

convention next month.

"That work will not be completed, this is not a good thing,"

the minister said.

Italy said last week it would promote last-ditch talks to

prevent the failure of plans.

The first pillar would have made it possible to overcome a

dispute that has seen the United States threaten retaliatory

tariffs against European countries, such as Italy, which have

announced or adopted domestic digital taxes.

U.S. trade authorities have threatened 25% tariffs on more

than $2 billion worth of imports from Italy, Austria, Britain,

France, Spain and Turkey, from cosmetics to handbags.

Italy wants to negotiate an agreement with Washington that

would stop these tariffs, which are temporarily frozen until

June, while also keeping its levy in place, an official told

Reuters on Friday.

The government wants to draw other European countries into

the negotiations with Washington, as Rome believes that a common

approach at the EU level would be more effective, the official

added.

Italy introduced a 3% levy in 2019 on revenue from internet

transactions for digital companies with sales of at least 750

million euros, at least 5.5 million euros of which are effected

in Italy. Rome raised around 390 million euros ($422 million) in

2022 from the tax.

While the first pillar is stuck, countries are implementing

the second pillar of the global minimum tax deal.

That part of the accord tries to ensure companies with

revenue greater than 750 million euros pay a global minimum rate

of 15% by allowing governments to apply a top-up tax on revenues

earned in countries with lower rates.

($1 = 0.9251 euros)