G7 finance ministers have committed to a global minimum tax of 15%. Chancellor Rishi Sunak has called the deal 'a proud moment'. Get more on this story here:
'It’s a proud moment': Chancellor on tax dealGoogle and Facebook have welcomed a G7 deal on tackling corporate tax avoidance by big tech companies.
Rich nations have struggled for years to agree a way to raise more revenue from large multinationals such as Google, Amazon and Facebook, which often book profits in jurisdictions where they pay little or no tax. Sky's economics and data editor Ed Conway said:"This is about trying to prevent billions of dollars, if not trillions, of tax avoidance by the world's biggest companies.
A Treasury spokeswoman explained that the most profitable multinationals would have to pay tax in the countries where they operate and not just where their headquarters are. "I look forward now to engaging in the discussions at @OECD. There are 139 countries at the table, and any agreement will have to meet the needs of small and large countries, developed and developing."Meanwhile, Labour called on the government to push for more than the 15% base rate, after US President Joe Biden had initially wanted a 21% minimum, which the party said would raise £131m for public services.
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