G7: Rich nations back deal to tax multinationals

The deal announced on Saturday, between the US, the UK, France, Germany, Canada, Italy and Japan, plus the EU, could see billions of dollars flow to governments to pay off debts incurred during the Covid crisis.

At the moment companies can set up local branches in countries that have relatively low corporate tax rates and declare profits there. Twenty percent of any profit above that would be reallocated and taxed in the countries where they operate, according to the G7 communiqué. The agreement will now be discussed in detail at a meeting of G20 financial ministers and central bank governors in July in Venice. The G20 is made up of 19 countries plus the EU.Japan's Finance Minister Taro Aso rubbed elbows with European Commissioner for Economy Paolo Gentiloni

This is all smoke & mirrors, Exchequer Rishi Sunak put this forward (that alone should speak volumes) which means the figure of 15% is soooo low as to be laughable. It also (in the small print) only applies to 10% of profits (shock horror). No wonder the Multinationals are happy.

they couldnt give a shit about the people who vote for them, have your tax returns in on time or be prosecuted, but the billion dollar companies can do what they like.,

what has taken them so long? or were they all wanting jobs with these companies after there useless stint as an MP?

Should of been done decades ago! Tax those rich!

about time,also those companies should be forced to pay a liveable wage,plus decent working conditions,its good for them to pay full tax but workers should be the ones who benefit most,

So, basically, another Corbyn policy has come in to fruition and people cheer it, despite many apparently disagreeing with everything he put forward 🤔🤷

Is the UK still a rich nation? I fear not!

Typical politicians spin. The government were the ones who were resisting this. They were put under a lot of pressure by the US and others so finally accept it. Now they put on a v position spin to make themselves look good. This is how politics works.

Does make sense however these greedy multinationals are hardly going to accept a lower profit by paying millions in taxes. The tax charged will be passed on to consumers either as tax or increased service/product fees. Basically the citizens are getting extra financial hit

Cheerfully ignored by Tory and pseudo Tory governments for many decades…

Tax them properly or shut them down.

Rich politicians form a cartel so they can leech more from the people who actually produce things.

He looks so false in this picture embarrassing

Has he changed his mind then? Did that massive tariff bill of £600+ Million from America sway him at all? Why are we fronting to the nation that is meant to be our 'closest ally'? Stop acting like the Trump administration. People in Grimsby need money in their pockets not yours

good luck

And individuals like…ermmm….partners who allegedly funnel money though tax havens?

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

G7: Rich nations confident on reaching tech tax dealGerman finance minister Olaf Scholz says a minimum tax deal agreed by the G7 will 'change the world'. I owe you an apology to ever doubt your sincerity and professionalism. It’s was just like a dream to me when I received my first payment. After my second payment it became a reality now after several payments it has become a way of life. Jonas_claw_ How many Real People Get a TAX deal Real taxpayers Get just PAY end of... It is a shame that part of Europe is there and another is not. Let's see if the UK was right and the EU is not worth it. double pain to agree with a parasitic country and that this is the reality of the EU
Source: BBCNews - 🏆 3. / 97 Read more »

‘Historic agreement’: Rishi Sunak announces G7 deal on tax reform – videoFinance ministers from the world’s richest economies have agreed a deal to tackle tax abuses by some of the world’s biggest multinationals That flag is a little obscured and needs to be brought forward a tad Rishi
Source: The Guardian - 🏆 84. / 53 Read more »

G7 reaches deal on tackling 'big tech' tax avoidance in 'proud moment'“G7 finance ministers have reached a historic agreement to reform the global tax system.” Chancellor Rishi Sunak says “it's a proud moment' that the G7 has agreed a deal on tackling corporate tax avoidance. Get more on this story here:
Source: SkyNews - 🏆 35. / 67 Read more »

G7 summit: What is it and why is it in Cornwall?World leaders will descend on the Cornish coast later this month. Because they want their nice environmental backshot. Meanwhile I've lost count of how many military aircraft I've seen flying overhead doing tests. Yes, outdated. Hope every single person self isolated after they come over .. 🤔
Source: BBCNews - 🏆 3. / 97 Read more »

G7 summit: Rishi Sunak says world cannot rely on tax system 'largely designed in the 1920s'Chancellor Rishi Sunak has told world finance leaders the world cannot 'continue to rely on a tax system that was largely designed in the 1920s'
Source: SkyNews - 🏆 35. / 67 Read more »

G7 finance ministers could give global corporation tax reform real momentumIt doesn't feel as momentous as the main summit but there is still a lot at stake as the group's finance ministers meet this week. I saw several people testifying of making so much money with the help of LISAMARKDONALDT on Bitcoin option trade and I decided to give a try and now I'm glad now she helped me and my colleagues to make $5000 in one week, thank you for transparency and trust. Ministers want to give the big companies the tax relief. This is because they get big funding from those companies to support their agenda to keep the wealth away from the poorest. Tax Corbyn more, he's a multi millionaire.
Source: SkyNews - 🏆 35. / 67 Read more »