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G7 finance ministers reach historic corporate tax deal on tech giants

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The United States, Britain and other large, rich nations reached a landmark deal on Saturday to squeeze more money out of multinational companies such as Amazon and Google and reduce their incentive to shift profits to low-tax offshore havens.

Hundreds of billions of dollars could flow into the coffers of governments left cash-strapped by the COVID-19 pandemic after the Group of Seven (G7) advanced economies agreed to back a minimum global corporate tax rate of at least 15%.

Facebook said it expected it would have to pay more tax, in more countries, as a result of the deal, which comes after eight years of talks that gained fresh impetus in recent months after proposals from U.S. President Joe Biden's new administration.

Current global tax rules date back to the 1920s and struggle with multinational tech giants that sell services remotely and attribute much of their profits to intellectual property held in low-tax jurisdictions.

Key details remain to be negotiated over the coming months. Saturday's agreement says only that "the largest and most profitable multinational enterprises" would be affected.

For more info, please go to https://globalnews.ca/news/7924458/freeland-g7-deal-multinationals-taxes/

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Category
U.S. & Canada
Tags
global news, corporate tax canada, g7 2021
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