Eye on tech firms: G7 nations agree on minimum 15 per cent corporate tax rate
G7
Group of Seven rich nations (G7) on Saturday agreed over a global minimum tax of at least 15 per cent on a country by country basis. This is a landmark move. It is understood to be aimed at getting multinationals, especially tech giants to put more money in government coffers in times when economies around the world have been hit because of coronavirus pandemic.
"We commit to reaching an equitable solution on the allocation of taxing rights, with market countries awarded taxing rights on at least 20% of profit exceeding a 10% margin for the largest and most profitable multinational enterprises," a communique from G7 finance ministers seen by Reuters said.
"We will provide for appropriate coordination between the application of the new international tax rules and the removal of all Digital Services Taxes, and other relevant similar measures, on all companies."
Theproposal, will then go to the expanded group of 20 countries at their finance meeting in July.
British finance minister Rishi Sunak was chairing the London meetings, held in person after an easing of Covid-19 restrictions and attended by counterparts from Canada, France, Germany, Italy, Japan and the United States.
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The talks were preparing the ground for a broader summit of G7 leaders in Cornwall, southwest England, starting Friday.
US President Joe Biden will attend the summit next week. This will be his first foreign tour since taking the office in January
'Right time'
Momentum wasgrowing behind the US-led plans to limit the ability of multinationals like tech giants to game the system to boost profits, especially at a time when economies around the world are reeling from the impact of the coronavirus pandemic.
German finance minister Olaf Scholz on Friday told reporters it was the "right time" for a global tax deal given the vast sums spent by governments "to protect citizens, stabilise the economy and save jobs" since last year.
Biden has called for a unified minimum corporate tax rate of 15 percent in negotiations with the Organisation for Economic Co-operation and Development (OECD) and G20.
(With inputs from agencies)