At the @G7 in London today, Chancellor @RishiSunak and his counterparts came to a historic agreement on global tax reform that will require the largest multinational tech giants will pay their fair share of tax in the UK.
Under the principles of the landmark reforms, the largest global firms with profit margins of at least 10% will be in scope – with 20% of any profit above the 10% margin reallocated and then subjected to tax in the countries where they make sales.
The G7 also agreed to the principle of at least 15% global minimum corporation tax operated on a country-by-country basis – creating a more level playing field for UK firms and cracking down on tax avoidance.
The G7 also agreed to the principle of a global minimum corporation tax on large firms of at least 15% operated on a country-by-country basis – creating a more level playing field for UK firms and cracking down on tax avoidance.
Chancellor @RishiSunak has made securing a global agreement on global digital tax a key priority of the UK’s G7 Presidency – with the fairer system raising more tax in the UK to pay for key public services.
The agreement will now be discussed in further detail at the @G20 Financial Ministers & Central Bank Governors meeting in July. #G7UK
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