Chancellor Rishi Sunak has told world finance leaders the world cannot 'continue to rely on a tax system that was largely designed in the 1920s'
that could raise $50bn to $80bn for governments around the world.
The idea behind the tax is to level the playing field globally, and remove jurisdictions where large multinational corporations are able to avoid paying tax.Britain has, however, signalled it may be willing to scrap its digital services tax on tech platforms if it receives assurances from President Joe Biden’s administration that Silicon Valley giants such as Apple and Facebook will not be allowed to continue avoiding taxes.
"Securing a global agreement on digital taxation has also been a key priority this year - we want companies to pay the right amount of tax in the right place, and I hope we can reach a fair deal with our partners," said Mr Sunak ahead of the meeting. The group are also expected to discuss the issue of climate change, while Mr Sunak is understood to be pushing for companies to commit to climate reporting, such as disclosures around emissions.
"I'm determined we work together and unite to tackle the world's most pressing economic challenges - and I'm hugely optimistic that we will deliver some concrete outcomes this weekend," he said.
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