Jun 10, 2021

G7 tax deal: What is it and are Amazon and Facebook included?

Firstly, multinational companies - which operate in several countries - would have to pay more tax wherever they sell products or services. At the moment, a company can earn billions in a particular country but still pay very little tax there. The second part of the deal is a global minimum corporate tax rate of 15%. The aim of this is to stop nations undercutting each other's tax rate to attract multinational companies. If the G7 deal goes ahead, the tax advantages which have attracted these companies would cease to exist. A lot of detail is still to be worked out, including which companies are going to be covered, and what tax changes countries will see.

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