4 hours agoG-7, tax deal to technology giants
Periskopi(5 years ago)
(5 years ago)The group of seven world industrialised nations (G-7) agreed on Saturday to support a minimum global tax rate of at least 15% against multinational corporations. The decision is intended to prevent these companies from taxing and ensure large profits in low tax countries. Meeting of ministers [...]
The meeting of finance ministers of G-7 countries, which is under way in London, also approved the proposal that the largest companies in the world, including US-based technology giants, pay taxes in countries where they have a lot of sales, but without physically having an office there.
British Finance Minister Richi Sunak said the agreement will reform the global tax system to make it suitable for the global digital era and is essential to ensuring justice so that relevant companies pay the right taxes, at the right places”.
US Secretary of Treasury Janet Yellen said the agreement “provides an important moment and justice for the middle class and American employees worldwide”.
The adoption of the deal by G-7 sets the stage for a broader agreement on talks held in Paris among more than 140 countries, as well as the 20th Group finance ministers meeting in Venice in July.
International discussions on the tax issue took a new boost after US President Joe Biden backed the idea of setting up a global minimum tax of at least 15% on corporate profits.
