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G7 Countries Reach Agreement To Tax Tech Companies

G7 Countries Reach Agreement To Tax Tech Companies

The United States, Britain and other major countries signed a historic agreement on Saturday to pursue higher global taxation on multinational businesses such as Google, Apple and Amazon. In a move that could raise hundreds of billions of dollars to help them deal with the aftermath of Covid-19, the Group of Seven large advanced economies are demanding a minimum global corporate rate of at least 15 percent and companies paying more taxes. agreed to. Markets where they sell goods and services. The seven countries included in the G-7 group are Britain, America, Canada, France, Germany, Italy and Japan.

Britain’s Finance Minister Rishi Sunak has said that the finance ministers of the G-7 group countries signed the agreement on the second and last day of meetings in London. Sunak said, “I am delighted that after many years of deliberation, the G-7 Finance Ministers today signed a historic agreement to reform the global taxation system. This will ensure that the right companies are in the right places. Pay the correct tax.”

US Finance Minister Janet Yellen also attended the London meetings. Yellen said the deal would accelerate the process of reaching a global rate of 15 percent. This will stop the inverse competition for tax reduction. Justice will be ensured to the middle class and working people in America and other countries of the world.

This meeting of finance ministers has taken place before the annual summit meeting of the leaders of the G-7. This agreement will be ratified at the G7 summit. The summit will be held in Cornwall from 11-13 June under the chairmanship of British Prime Minister Boris Johnson. The UK is hosting both the meetings. The G-7 is under pressure to provide vaccines to low-income countries. International discussion on the tax issue began after US President Joe Biden endorsed the idea of ​​a global 15 percent tax rate.

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