LONDON: Britain said on Thursday that any global deal on a minimum corporate tax rate must ensure that large tech companies pay their fair share of tax, a day before it hosts an online meeting of G7 finance ministers and central bankers.
The United States proposed last week that multinational companies’ profits should be taxed at a minimum rate of 15%, less than an initial proposal of 21%, drawing public support from Germany and France.
But Britain, which is chairing meetings of the Group of Seven rich nations this year, has been more cautious. Finance minister Rishi Sunak is keen that large tech giants with overseas headquarters pay more tax in the United Kingdom.
“Our consistent position has been that it matters where tax is paid and any agreement must ensure digital businesses pay tax in the UK that reflects their economic activities,” a British finance ministry source said on Thursday.
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