๐จ At the @G7 in London today, my finance counterparts and I have come to a historic agreement on global tax reform requiring the largest multinational tech giants to pay their fair share of tax in the UK.
๐The thread below explains exactly what this means. #G7UK
๐The thread below explains exactly what this means. #G7UK
2/ Under the principles of the landmark reforms, the largest global firms with profit margins of at least 10% will be in scope โ with 20% of any profit above the 10% margin reallocated and then subjected to tax in the countries where they make sales.
3/ 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 โ creating a more level playing field for UK firms and cracking down on tax avoidance.
4/ I've made securing an agreement on digital tax a key priority of mine for the G7 Presidency with the fairer system raising more tax to pay for public services.
This will now be discussed in further detail @G20 Financial Ministers & Central Bank Governors meeting in July.
This will now be discussed in further detail @G20 Financial Ministers & Central Bank Governors meeting in July.
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