Rishi Sunak, UK chancellor, is pushing for a carve-out for the City of London in the G7’s plans for a new global tax system to cover the world’s “largest and most profitable multinational enterprises”. Mr Sunak said the weekend’s “historic agreement” by G7 finance ministers would force “the largest multinational tech giants to pay their fair share of tax in the UK”. “Our position is we want financial services companies to be exempt and EU countries are in the same position,” said one British official. Rishi Sunak raised the issue at the G7 talks in London. TaxWatch, a think-tank, has calculated that Big Tech companies will pay less tax in the UK under the G7 plan than they currently do under the country’s digital services tax.

Source: The Irish Times June 09, 2021 09:11 UTC