Big Internet companies say they follow tax rules but have paid little tax in Europe, typically by channelling sales via countries such as Ireland and Luxembourg, which have light-touch tax regimes. "There are differences between the United States and United Kingdom over pillar one. Still, several finance ministers at the G20 said on Saturday they needed to act quickly to correct unfair corporate tax codes or risk being punished by voters. The US government has voiced concern in the past that the European campaign for a "digital tax" unfairly targets US tech giants. Earlier this year, countries and territories agreed a roadmap aimed at overhauling international tax rules that have been overtaken by the development of digital commerce.

Source: bd News24 June 08, 2019 10:52 UTC