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Tuesday, June 22, 2021

G7 Finance Leaders Attain International Tax Charge Deal

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G7 Finance Leaders Attain International Tax Charge Deal

Officers from the Group of seven nations agreed on Saturday to again a brand new world tax fee of not less than 15 p.c, which corporations must pay no matter the place their headquarters are based mostly.

I’m delighted to announce that immediately, after years of dialogue, G7 finance ministers have reached a historic settlement to reform the worldwide tax system to make it match for the worldwide digital age, however crucially, to be sure that it’s honest, in order that the correct corporations pay the correct tax in the correct locations. And that’s an enormous prize for British taxpayers. It’s a really proud second. And I need to say thanks to my G7 colleagues for his or her collective management and for his or her willingness to work collectively to grab this second, to achieve a historic settlement that lastly brings our world tax system into the twenty first century. You already know, it’s sophisticated. And this is step one. That is settlement amongst G7 finance ministers. And subsequent month, we’ll have a G20 finance ministers summit to make additional progress. However I believe the essential factor for folks to remove is the precept of equity. That’s what we’ve achieved immediately, to make sure that there’s a stage enjoying subject for all sorts of corporations. And whether or not it’s folks working in tax havens or it’s digital corporations, we’re going to stage the enjoying subject and inject that precept of equity into our world tax system.

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