LONDON, July 1 ― Britain is set to secure an exemption for financial services from a new global tax system which was agreed by the Group of Seven economies to squeeze more money out of multinationals like Google, theReuters had reported earlier this month that British finance minister Rishi Sunak was pushing for financial service firms to be exempt to help protect the City of London's largest banks from paying more tax.
The FT said the Organisation for Economic Co-operation and Development, which is leading the reform of the global tax rules for companies, had accepted Britain's case on a carve-out. The new global tax rules are designed to make companies pay more tax in countries where they operate. Banks do typically pay taxes locally on profits made in different jurisdictions, the OECD said in a paper in 2020.
As part of the new deal, Britain will also remove its digital services tax. The FT said this was likely to happen in a staggered process. A spokesperson for Britain's Treasury declined to comment. ― Reuters
Admin no need sleep ah? 😅😅
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Forget-me-not: London palace’s garden redesigned for Diana statue | Malay MailLONDON, July 1 — A favourite spot of the late Princess Diana, the Sunken Garden at her former London home Kensington Palace has been redesigned to house a statue in her honour to be unveiled on Thursday by her sons, Princes William and Harry. The palace said the garden had been redesigned to...
Source: malaymail - 🏆 1. / 86 Read more »
UK economy shrinks more than expected in first quarter | Malay MailLONDON, June 30 — Britain’s coronavirus-hit economy shrank by slightly more than expected in the first quarter before a subsequent easing of lockdown restrictions, revised official data showed today. Gross domestic product contracted by 1.6 per cent in the three months to the end of March, down...
Source: malaymail - 🏆 1. / 86 Read more »
UK records 26,068 new daily Covid cases, highest since Jan. 29 | Malay MailLONDON, June 30 —The United Kingdom recorded a further 26,068 cases of Covid-19 on Wednesday, the highest daily figure since January 29, and 14 deaths, official data showed. Daily cases have been rising for more than a month, but fatalities have remained low, with scientists saying the rapid... UK use AstraZeneca if I'm not mistaken.
Source: malaymail - 🏆 1. / 86 Read more »
Leicester sign Salzburg striker Daka | Malay MailLONDON, June 30 ― FA Cup holders Leicester City have signed Patson Daka from Austrian side RB Salzburg, the Premier League club announced Wednesday. The 22-year-old Zambia striker will join the Foxes on a five-year deal, subject to Premier League and international clearance. “I’m so, so...
Source: malaymail - 🏆 1. / 86 Read more »
EU steers shipping towards carbon trading market to curb emissions | Malay MailBRUSSELS, June 30 — Ship owners could be forced to pay for pollution from their vessels or face bans from European Union ports under draft plans to add shipping emissions to the bloc’s carbon market. Shipping does not at present face EU emissions targets, but that is set to change under...
Source: malaymail - 🏆 1. / 86 Read more »
Tottenham name former Wolves boss Nuno as new manager | Malay MailLONDON, July 1 ― Tottenham Hotspur ended their long search for a new manager by naming Nuno Espirito Santo in the role on Wednesday after the Portuguese left Wolverhampton Wanderers at the end of last season. Nuno left Wolves after four seasons where they achieved promotion to the Premier League...
Source: malaymail - 🏆 1. / 86 Read more »