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Sat Jun 5, 2021, 07:02 AM

G7: Rich nations confident on reaching tech tax deal

Source: BBC

G7: Rich nations confident on reaching tech tax deal

5 June 2021

Finance ministers from the G7 group of leading economies are confident of striking a deal on taxing multinational companies at their meeting in London.

The agreement is expected to include a global minimum rate of corporation tax.

It would target tech giants such as Amazon and Microsoft.

German finance minister Olaf Scholz said the deal would "change the world".

He said a 15% rate would help pay back debts that have built up during the pandemic - and that he was "absolutely confident" there would be an agreement.

-snip-


Read more: https://www.bbc.com/news/business-57367057

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Reply G7: Rich nations confident on reaching tech tax deal (Original post)
Eugene Jun 5 OP
MichMan Jun 5 #1
Eugene Jun 5 #2

Response to Eugene (Original post)

Sat Jun 5, 2021, 11:28 AM

1. Does it only apply to tech companies?

Why just them?

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Response to MichMan (Reply #1)

Sat Jun 5, 2021, 12:06 PM

2. Multinational companies in general, but big tech companies game the system most flagrantly.

Amazon paid no corporation tax in Europe despite 44 billion in sales.

Google infamously used the "Double Irish" scheme until 2019, avoiding taxes on tens of billions in profits.

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