‘Historic’ deal reached on how to stop tech giants avoiding tax

Business

The G7 has agreed a deal on tackling corporate tax avoidance by big tech companies.

“It’s a proud moment” says Chancellor Rishi Sunak.

Mr Sunak said G7 finance ministers had committed to a global minimum tax of at least 15%.

Mr Sunak said it “meant the right companies pay the right tax in the right places”.

He called it a “historic agreement that finally brings out global tax system into the 21st century”, adding: “We’re going to level the playing field and inject some fairness into the system.”

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.

Products You May Like

Articles You May Like

Texas Supreme Court overturns ruling that state Attorney General Ken Paxton testify in lawsuit
Brazil’s former president Jair Bolsonaro among 37 people facing charges of attempting coup | World News
Indie Films Opening Nov. 22: ‘Porcelain War’, ‘Ernest Cole: Lost & Found’, ‘Flow’
Water companies blocked from using customer cash for ‘undeserved’ bonuses | Money News
Sade Drops New Music Video for “Young Lion”: Watch