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G-7 leaders agree on vaccines, China and taxing corporations
  + stars: | 2021-06-13 | by ( ) www.cnbc.com + 0.00   time to read: +3 min
Speaking at the end of a G-7 leaders' summit in southwest England on Sunday, British Prime Minister Boris Johnson said the promised vaccine doses would come both directly and through the international COVAX program. Biden also wanted to persuade fellow democratic leaders to present a more unified front to compete economically with Beijing and strongly call out China's "nonmarket policies and human rights abuses." The leaders also said they will promote their values by calling on China to respect human rights and fundamental freedoms in Xinjiang, where Beijing is accused of committing serious human rights abuses against the Uyghur minority, and in the semi-autonomous city of Hong Kong. The G-7 nations are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. WATCH: G-7 finance ministers agree on global minimum corporate tax of 15%
Persons: Antony Blinken, Boris Johnson, Joe Biden, Biden, Johnson Organizations: Lancaster House, British, Health Organization, CNBC, YouTube Locations: U.S, London, CARBIS BAY, England, Beijing, Xinjiang, Hong Kong, United States, China, Canada, France, Germany, Italy, Japan, United Kingdom
Steve Reigate/Pool via REUTERSThe International Monetary Fund is exploring creation of a new trust that could allow its members to lend their IMF reserves to a broader range of countries, including middle-income countries vulnerable to climate change, IMF chief Kristalina Georgieva said on Sunday. read moreGeorgieva said she would work with IMF members in the coming months on how they could re-allocate some of their SDRs or use budget loans to reach - or even exceed - the $100 billion goal. The previously unreported new trust could help broaden the effort and make funds available to more countries, and for broader initiatives, in line with global goals for combating climate change. The IMF already has a vehicle - the Poverty Reduction and Growth Trust - that allows members to share their IMF reserves, known as Special Drawing Rights, with the poorest countries. However, small island states and other middle-income countries that have been hit hard by the coronavirus pandemic and significant economic downturns, are not eligible for funding through that IMF vehicle.
Persons: Georgieva, Steve Reigate, Kristalina Georgieva Organizations: International Monetary, Lancaster House, International Monetary Fund, IMF, Sustainability, Reuters, Sunday, Thomson Locations: London, Britain, Pool, China, Cornwall, England
Analysis: G7 global tax plan may hit corporate titans unevenly
  + stars: | 2021-06-10 | by ( Tom Bergin | ) www.reuters.com + 0.00   time to read: +7 min
Four tax specialists concurred with Reuters’ methodology but noted that there is still uncertainty about how the measures would be applied, including which tax breaks are included in the 15% minimum overseas tax. Applying the same methodology to J&J, and its 2020 global profits of $16.5 billion, the healthcare company would see its global tax bill rise by about $270 million as a result of the first measure. Also at issue is which country the profit is moved from and to - and therefore what the increase in tax rate is. Excluding the impact of the first proposed measure, increasing the tax rate on overseas income to 15% would mean $45 million of additional tax. Applying a 15% tax rate to that overseas income figure would result in $990 million in additional taxes, according to Reuters’ calculations.
Persons: Rishi Sunak, Stefan Rousseau, Johnson, José Castañeda, , Organizations: Lancaster House, Reuters, Google, Inc, UK Treasury, Organization for Economic Cooperation, Thomson Locations: London, Britain, U.S, United States, Canada, France, Germany, Italy, Japan, United Kingdom, Paris, Bermuda
France expects minimum tax to yield "several billion" euros -minister
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +2 min
Daniel Leal-Olivas/Pool via REUTERS/File PhotoPARIS (Reuters) - France expects to raise several billions of euros in extra revenue from a global minimum tax rate currently being negotiated internationally, Finance Minister Bruno Le Maire said on Wednesday. Le Maire said that, under this pillar, France could expect to see 500 million to 1 billion euros in extra tax revenue whereas its existing digital services tax, which Paris has promised to repeal once there is an international deal, generates about 450 million euros per year. Some European countries had concerns that Amazon may fall outside the proposals for taxing “super-profits” because its overall operating margin is below the qualifying threshold of 10%. “I would like us to segment out Amazon’s activities so that what is highly profitable is subject to this digital taxation,” Le Maire said. “Amazon must pay this tax.”
Persons: Bruno Le Maire, Britain's, Rishi Sunak, Daniel Leal, Le Maire, , , ” Le Maire Organizations: Finance, Lancaster House, PARIS, Organisation for Economic Cooperation Locations: London, Britain, France, Paris
Days before G7, PM Johnson's lawmakers attack "unBritish" aid cuts
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
British Prime Minister Boris Johnson leaves as G7 foreign ministers meet at Lancaster House in London, Britain, May 5, 2021. REUTERS/Hannah McKay/PoolLawmakers from the governing Conservative Party railed against Prime Minister Boris Johnson's cut to foreign aid spending on Tuesday, a show of defiance just days before their leader hopes to show off "global Britain" at a summit. "He (Johnson) goes into the summit in the teeth of a global pandemic when Britain is cutting its support to the poorest. No other country represented in the G7 is doing such a thing," he told parliament. One Conservative lawmaker supportive of the government said many voters believed that "charity starts at home".
Persons: Boris Johnson, Hannah McKay, Boris Johnson's, Johnson, Andrew Mitchell, Rishi Sunak, Mitchell Organizations: British, Lancaster House, REUTERS, Lawmakers, Conservative Party, Conservative, Labour Party, Conservatives, Thomson Locations: London, Britain, England
Anti-poverty groups criticise rich countries over G7 tax deal
  + stars: | 2021-06-07 | by ( John O'Donnell | ) www.reuters.com sentiment -0.98   time to read: +2 min
Stefan Rousseau/PA Wire/Pool via REUTERS/File PhotoAnti-poverty campaigners on Monday criticised a deal reached by seven wealthy countries to impose a minimum tax on multinational companies, saying it would benefit rich nations at the expense of the poor. "The G7 is a small club of rich and powerful countries," said Tove Ryding of Eurodad. Christian Hallum, a tax expert with Oxfam, said: "It is definitely skewed to the rich and unfair on the poor." He said a country hosting a company's headquarters had more clout in the scheme, adding: "This will see a massive transfer of money to rich countries." The Organisation for Economic Co-operation and Development, which helped drive wider tax reform, denied the deal would unfairly benefit the United States.
Persons: Rishi Sunak, Stefan Rousseau, Tove Ryding, Eurodad's Ryding Organizations: Lancaster House, Finance, Google, Oxfam, Eurodad, Tax Justice Network, Economic Co, Union, Facebook, Thomson Locations: London, Britain, United States, Europe, India, Ireland, Luxembourg, Netherlands
What now for the G7 tax deal on multinationals?
  + stars: | 2021-06-07 | by ( Leigh Thomas | ) www.reuters.com + 0.00   time to read: +6 min
PARIS (Reuters) - The G7’s weekend agreement on a global minimum corporate tax rate and arrangements for taxing multinationals paves the way for a broader deal in the coming weeks that could reshape cross-border taxation for years to come. The whole idea of the global minimum tax is that it gives countries the right to add a top-up tax on company profits in countries with tax rates lower than the global minimum. The OECD calculated in October that a global minimum tax could yield $100 billion a year, or 4% of global corporate income tax. Ireland, where many U.S. tech companies have big operations, has said it will keep its 12.5% corporate tax rate regardless of what gets decided internationally. While the corporate tax rate in the Netherlands is 25%, the Dutch began this year taxing outbound royalty and interest payments to places where the corporate tax rate is below 9%, and plans to do the same for outgoing dividends from 2024.
Persons: Paolo Gentiloni, Eurogroup, Paschal Donohoe, David Malpass, Daniele Franco, Bruno Le Maire, Chrystia Freeland, Britain's, Rishi Sunak, Olaf Scholz, Janet Yellen, Mathias Cormann, Taro Aso, Henry Nicholls, That’s Organizations: PARIS, World Bank, Italy's, French Finance, Canada's Finance, IMF, Germany's, Treasury, Organisation for Economic Co, Development, Japan's, Lancaster House, REUTERS, Organisation for Economic Cooperation, OECD, Apple, Google, Finance Locations: London, Britain, Paris, Venice, United States, U.S, British Virgin Islands, China, NETHERLANDS, LUXEMBOURG, SWITZERLAND, Ireland, Switzerland, Netherlands
These charts show the highest and lowest corporate tax rates around the world
  + stars: | 2021-06-07 | by ( Yen Nee Lee | ) www.cnbc.com sentiment -0.87   time to read: +1 min
Britain's Chancellor of the Exchequer Rishi Sunak (center), U.S. Treasury Secretary Janet Yellen (right) attend the first day of the G-7 Finance Ministers Meeting at Lancaster House in London on June 4, 2021. Finance ministers from the Group of Seven (G-7) advanced nations agreed on Saturday to back a minimum global corporate tax rate of at least 15%. U.S. Treasury Secretary Janet Yellen said such a global minimum rate would end "the race-to-the-bottom in corporate taxation" and "ensure fairness for the middle class and working people in the U.S. and around the world." Governments in major economies have for years faced the challenge of taxing large companies, such as tech giants Facebook and Google, that operate across many jurisdictions. That allows the companies to avoid paying higher taxes in their home countries.
Persons: Rishi Sunak, Janet Yellen Organizations: Treasury, Lancaster House, U.S, Facebook, Google Locations: U.S, London
Britain's Chancellor of the Exchequer Rishi Sunak (R) welcomes US Treasury Secretary Janet Yellen to the G7 Finance Ministers Meeting at Lancaster House, central London on June 4, 2021. U.S. Treasury Secretary Janet Yellen said a global minimum rate would end "the race-to-the-bottom in corporate taxation." Organizations and charities that have long campaigned for global corporate tax rates to be higher largely panned the announcement on Saturday. "However, fixing a global minimum corporate tax rate of just 15 percent is far too low. It will do little to end the damaging race to the bottom on corporate tax and curtail the widespread use of tax havens."
Persons: Rishi Sunak, Janet Yellen, STEVE REIGATE, George Dibb, Biden, Squawk, Daniele Franco, Bruno Le Maire, Chrystia Freeland, Britain's, Olaf Scholz, HENRY NICHOLLS, Jim Reid, CNBC's, it's, Gabriela Bucher, Bucher, Gilles Moëc Organizations: US, Lancaster House, AFP, Getty, Finance, U.S . Treasury, Centre for Economic Justice, for Public Policy Research, CNBC, Canada's Finance, IMF, Germany's, Deutsche Bank, OECD, Oxfam International, pharma, Ireland, AXA Investment Locations: London, Canada, France, Germany, Italy, Japan, EU, U.S, Switzerland, Singapore
The gathering will put Biden's "America is back" motto to the test, with allies disillusioned during the Trump years looking for tangible, lasting action. These are the recent ransomware attack on JBS (JBSS3.SA), the world's largest meatpacker, by a criminal group likely based in Russia. On Russia, Stoltenberg said, "we agree on the dual-track approach, meaning deterrence, defense and dialogue with Russia." Sullivan said Biden will stress the importance of NATO countries' burden-sharing and the need for allies to contribute to alliance exercises and operations. Sullivan said Biden spoke with Ukraine President Volodymyr Zelenskiy on Monday and reassured him that he would defend Ukraine's sovereignty in his talks with Putin.
Persons: Rishi Sunak, Stefan Rousseau, Joe Biden's, Donald Trump, Washington, Jake Sullivan, Biden, Vladimir Putin, Putin, Sullivan, Jens Stoltenberg, Stoltenberg, Volodymyr Zelenskiy, cryptocurrency, Tayyip Erdogan, Erdogan Organizations: Lancaster House, REUTERS, Biden, Democrat, NATO, National, Trump, U.S, Russia, Ryanair, Putin, White, Washington, Thomson Locations: London, Britain, Russia, China, New, RUSSIA Russia, Cornwall, England, Brussels, Geneva, Belarus, Washington, Moscow, Hong Kong, Taiwan, United States, Syria, Afghanistan
Amazon and Facebook to fall under new G7 tax rules - Yellen
  + stars: | 2021-06-05 | by ( ) www.reuters.com sentiment -0.92   time to read: +1 min
U.S. Treasury Secretary Janet Yellen poses as finance ministers from across the G7 nations meet at Lancaster House in London, Britain June 5, 2021 ahead of the G7 leaders' summit. Alberto Pezzali/Pool via REUTERSBoth Amazon (AMZN.O) and Facebook (FB.O) will fall under new proposals for a global minimum corporation tax agreed by the Group of Seven on Saturday, United States Treasury Secretary Janet Yellen said. Asked whether the two companies would be covered by the proposal, Yellen said: "It will include large profitable firms and those firms, I believe, will qualify by almost any definition." The joint statement by G7 finance ministers earlier on Saturday said it would tackle tax avoidance by "the largest and most profitable multinational enterprises". Amazon has lower profit margins than most other tech companies, and European countries had been concerned it would escape extra taxation under initial U.S. proposals to the G7.
Persons: Janet Yellen, Alberto Pezzali, Yellen Organizations: Treasury, Lancaster House, Facebook, Group, Seven, United States, Thomson Locations: London, Britain
LONDON/WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen on Saturday urged her G7 counterparts to keep up fiscal support for their economies, despite “transitory” inflation that she said will remain elevated through the rest of the year. U.S. Treasury Secretary Janet Yellen reacts at Lancaster House during a finance ministers' meeting ahead of the G7 Summit, in London, Britain June 5, 2021. While G7 countries have had robust fiscal responses to the pandemic, she said “there is a concern among some about fiscal sustainability, and an evident desire to begin to withdraw accommodation when things are back on track,” Yellen said. Yellen said inflation will remain elevated at 3% on a year-over-year basis until about the end of 2021. “And while we’re seeing some inflation, I don’t believe it’s permanent.”Yellen said the G7 finance ministers agreed to ambitious commitments to de-carbonize their economies and mobilize public and private finance for action to combat climate change.
Persons: Janet Yellen, Rob Pinney, REUTERS Yellen, ” Yellen, , Yellen, Organizations: . Treasury, Saturday, U.S, Treasury, Lancaster House, REUTERS Locations: WASHINGTON, London, Britain
U.S. Treasury Secretary Janet Yellen reacts at Lancaster House during a finance ministers' meeting ahead of the G7 Summit, in London, Britain June 5, 2021. Rob Pinney/Pool via REUTERSLONDON/WASHINGTON, (Reuters) - U.S. Treasury Secretary Janet Yellen said on Saturday that she is urging the G7 wealthy democracies and other countries to keep up fiscal support for their economic recoveries and to make investments to fight climate change and inequality. "G7 economies have the fiscal space to speed up their recoveries to not only reach pre-COVID levels of GDP but also to support a return to pre-pandemic growth paths," Yellen said. Yellen said the G7 finance ministers agreed to ambitious commitments to de-carbonize their economies and mobilize public and private finance for action to combat climate change. "To facilitate the mobilization of private climate finance, the G7 also agreed to take action to improve the availability of consistent, comparable, and decision-useful climate-related financial information to market participants," Yellen said.
Persons: Janet Yellen, Rob Pinney, Yellen, let’s, David Lawder, Bill Berkrot Organizations: Treasury, Lancaster House, REUTERS LONDON, . Treasury, Thomson Locations: London, Britain, WASHINGTON
Reaction to the G7 minimum tax agreement
  + stars: | 2021-06-05 | by ( ) www.reuters.com + 0.00   time to read: +6 min
"That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world. Today's agreement is a significant first step towards certainty for businesses and strengthening public confidence in the global tax system. "We want the international tax reform process to succeed and recognize this could mean Facebook paying more tax, and in different places." CAMPAIGN GROUP OXFAM"It's absurd for the G7 to claim it is 'overhauling a broken global tax system' by setting up a global minimum corporate tax rate that is similar to the soft rates charged by tax havens like Ireland, Switzerland and Singapore. PAOLO GENTILONI, EUROPEAN COMMISSIONER FOR ECONOMY"Big step taken by the G7 towards an unprecedented global agreement on tax reform.
Persons: Rishi Sunak, Stefan Rousseau, RISHI SUNAK, Sunak, JANET YELLEN, NICK CLEGG, OLAF SCHOLZ, BRUNO, MAIRE, CHRYSTIA FREELAND, DANIELE FRANCO, PASCHAL DONOHOE, PAOLO GENTILONI, PEDRO SANCHEZ Organizations: Lancaster House, UK, Britain, TREASURY, Finance Ministers, FACEBOOK, Facebook, OXFAM, GERMAN FINANCE, FRENCH FINANCE, CANADIAN FINANCE, GOOGLE, IRISH FINANCE, EU, SPANISH, Thomson Locations: London, Britain, U.S, Ireland, Switzerland, Singapore, ITALIAN, Venice
Factbox: G7 agreements on tax, climate and recovery
  + stars: | 2021-06-05 | by ( ) www.reuters.com + 0.00   time to read: +3 min
Alberto Pezzali/Pool via REUTERSThe Group of Seven rich nations agreed on Saturday to commit to a global minimum corporate tax of at least 15% on a country by country basis. Below are the details of the agreement, according to the wording of a final communique seen by Reuters:ON A MINIMUM CORPORATE TAX:We also commit to a global minimum tax of at least 15% on a country by country basis. We ...agree on the need for a baseline global reporting standard for sustainability, which jurisdictions can further supplement. We commit to properly embed climate change and biodiversity loss considerations into economic and financial decision-making, including addressing the macroeconomic impacts and the optimal use of the range of policy levers to price carbon. ON THE GLOBAL ECONOMIC RECOVERY:We commit to sustain policy support as long as necessary and invest to promote growth, create high-quality jobs and address climate change and inequalities.
Persons: Janet Yellen, Paschal Donohoe, Alberto Pezzali Organizations: Treasury, Lancaster House, Reuters, Ministers, Central Bank Governors, Force, Thomson Locations: London, Britain
G7 tax agreement provides level playing field-UK's Sunak says
  + stars: | 2021-06-05 | by ( Reuters Staff | ) www.reuters.com + 0.99   time to read: 1 min
Britain's Chancellor of the Exchequer Rishi Sunak, poses as finance ministers from across the G7 nations meet at Lancaster House in London, Britain June 5, 2021 ahead of the G7 leaders' summit. Alberto Pezzali/Pool via REUTERSLONDON (Reuters) - A Group of Seven agreement to commit to a global minimum corporate tax of at least 15% on a country by country basis will create a level playing field for companies around the world, British finance minister Rishi Sunak said on Saturday. He added that the need for national digital services taxes would fall away once the global solution is in place. “After years of discussion, G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age,” he told reporters.
Persons: Rishi Sunak, Alberto Pezzali, , Organizations: Lancaster House, REUTERS LONDON Locations: London, Britain
WHY A GLOBAL MINIMUM TAX? The Trump administration took a first stab with a U.S. corporate offshore minimum tax in 2017. The “Global Intangible Low-Taxed Income,” or GILTI, tax rate was only 10.5% - half the domestic corporate tax rate. The Organization for Economic Cooperation and Development has been coordinating tax negotiations among 140 countries for years on rules for taxing cross-border digital services and curbing tax base erosion, including a global corporate minimum tax. The global minimum tax rate would apply to overseas profits.
Persons: Rishi Sunak, Stefan Rousseau, Janet Yellen, Biden, Trump Organizations: Reuters, Finance Ministers, Lancaster House, U.S, Treasury, Organization, Economic Cooperation, Development, OECD, Union Locations: London, Britain, U.S, Ireland, France, Dublin
G7 nations near historic deal on taxing multinationals
  + stars: | 2021-06-05 | by ( David Milliken | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - Group of Seven rich nations will seek to overcome long-standing differences on Saturday and strike a landmark deal to close the net on large companies that they say do not pay enough tax. FILE PHOTO: Britain's Chancellor of the Exchequer Rishi Sunak speaks at a meeting of finance ministers from across the G7 nations ahead of the G7 leaders' summit, at Lancaster House in London, Britain June 4, 2021. British finance minister Rishi Sunak, who is chairing the talks, also wants large companies to be required to declare their environmental impact in a consistent way. “Their business model gives them chances to avoid taxes ... much more than other companies,” German Finance Minister Olaf Scholz said. The U.S. has proposed levying the new global minimum tax only on the world’s 100 largest and most profitable companies.
Persons: Rishi Sunak, Stefan Rousseau, Bruno Le Maire, Joe Biden’s, Olaf Scholz, “ It’s Organizations: Lancaster House, French Finance, BBC, Facebook, German Locations: London, Britain, British, Ireland, Venice, United States, France, Italy, U.S, Germany
“G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age,” British finance minister Rishi Sunak said after chairing a two-day meeting in London. German finance minister Olaf Scholz said the deal was “bad news for tax havens around the world”. “Companies will no longer be in a position to dodge their tax obligations by booking their profits in the lowest-tax countries,” he added. Irish finance minister Paschal Donohoe, whose country is potentially a big loser with its 12.5% tax rate, said any global deal also needed to take account of smaller nations. Sunak said the deal was a “huge prize” for taxpayers, but it was too soon to know how much money it would raise for Britain.
Persons: Paolo Gentiloni, Eurogroup, Paschal Donohoe, David Malpass, Daniele Franco, Bruno Le Maire, Chrystia Freeland, Britain's, Rishi Sunak, Olaf Scholz, Janet Yellen, Mathias Cormann, Taro Aso, Henry Nicholls, ” Sunak, Rich, Joe Biden’s, Sunak Organizations: Apple, World Bank, Italy's, French Finance, Canada's Finance, IMF, Germany's, Treasury, Organisation for Economic Co, Development, Japan's, Lancaster House, REUTERS, Britain, Facebook, Locations: United States, Britain, London, COVID, London . U.S, Venice, Ireland, Germany, France
G-7 nations are close to reaching a historic global tax deal
  + stars: | 2021-06-05 | by ( ) www.cnbc.com sentiment -0.68   time to read: +1 min
Britain's Chancellor of the Exchequer Rishi Sunak (center), U.S. Treasury Secretary Janet Yellen (right) attend the first day of the G-7 Finance Ministers Meeting at Lancaster House in London on June 4, 2021. Group of Seven rich nations will seek to overcome long-standing differences on Saturday and strike a landmark deal to close the net on large companies that they say do not pay enough tax. British finance minister Rishi Sunak, who is chairing the talks, also wants large companies to be required to declare their environmental impact in a consistent way. The G-7 is likely to commit to avoid withdrawing Covid stimulus too early as well. Rich nations have struggled for years to agree a way to raise more revenue from large multinationals such as Google, Amazon and Facebook, which often book profits in jurisdictions where they pay little or no tax.
Persons: Rishi Sunak, Janet Yellen, Bruno Le Maire Organizations: Treasury, Lancaster House, French Finance, BBC, Facebook Locations: U.S, London, British
WHY A GLOBAL MINIMUM TAX? The Trump administration took a first stab with a U.S. corporate offshore minimum tax in 2017. The "Global Intangible Low-Taxed Income," or GILTI, tax rate was only 10.5% - half the domestic corporate tax rate. The Organization for Economic Cooperation and Development has been coordinating tax negotiations among 140 countries for years on rules for taxing cross-border digital services and curbing tax base erosion, including a global corporate minimum tax. The global minimum tax rate would apply to overseas profits.
Persons: Rishi Sunak, Stefan Rousseau, Janet Yellen, Biden, Trump Organizations: Lancaster House, REUTERS Finance Ministers, U.S, Treasury, Organization, Economic Cooperation, Development, OECD, Union, Thomson Locations: London, Britain, U.S, Ireland, France, Dublin
G-7 nations reach historic deal on global tax reform
  + stars: | 2021-06-05 | by ( Silvia Amaro | ) www.cnbc.com sentiment -0.98   time to read: +2 min
LONDON — The finance ministers of the most advanced economies, known as the Group of Seven, have backed a U.S. proposal which calls for corporations around the world to pay at least a 15% tax on their earnings. "The G7 also agreed to the principle of a global minimum corporation tax on large firms of at least 15% operated on a country-by-country basis – creating a more level playing field for UK firms and cracking down on tax avoidance," he added. President Joe Biden and his administration had initially suggested a minimum global tax rate of 21% in an attempt to end a race to the bottom among different countries in luring international businesses. A global deal in this field would be good news for cash-strapped nations, who are trying to rebuild their economies after the coronavirus crisis. The U.K., for example, which is also a member of the G-7, did not immediately voice its support for the proposal.
Persons: Rishi Sunak, Janet Yellen, Chrystia Freeland, I'm, Joe Biden Organizations: Treasury, IMF, Canada's Finance, of Seven Finance, Lancaster House, LONDON, British Locations: U.S, London
World leaders, tech giants weigh in on G-7's historic tax agreement
  + stars: | 2021-06-05 | by ( ) www.cnbc.com + 0.00   time to read: +5 min
"That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world. Today's agreement is a significant first step towards certainty for businesses and strengthening public confidence in the global tax system. "We want the international tax reform process to succeed and recognize this could mean Facebook paying more tax, and in different places." AMAZON SPOKESPERSON"We believe an OECD-led process that creates a multilateral solution will help bring stability to the international tax system. PAOLO GENTILONI, EUROPEAN COMMISSIONER FOR ECONOMY"Big step taken by the G7 towards an unprecedented global agreement on tax reform.
Persons: Rishi Sunak, Janet Yellen, RISHI SUNAK, Sunak, JANET YELLEN, NICK CLEGG, OLAF SCHOLZ, BRUNO, MAIRE, CHRYSTIA FREELAND, DANIELE FRANCO, PASCHAL DONOHOE, PAOLO GENTILONI, PEDRO SANCHEZ Organizations: Treasury, Lancaster House, UK, Britain, TREASURY, Finance Ministers, FACEBOOK, Facebook, OXFAM, GERMAN FINANCE, FRENCH FINANCE, CANADIAN FINANCE, GOOGLE, IRISH FINANCE, EU, SPANISH Locations: U.S, London, Ireland, Switzerland, Singapore, ITALIAN, Venice
UK's Sunak says world is watching as G7 debates tax reform
  + stars: | 2021-06-03 | by ( David Milliken | ) www.reuters.com + 0.00   time to read: +5 min
Britain's Chancellor of the Exchequer Rishi Sunak meets with U.S. Treasury Secretary Janet Yellen, in London, Britain June 3, 2021. “We cannot continue to rely on a tax system that was largely designed in the 1920s,” Sunak said as he opened the meeting. MINIMUM 15% RATEThe United States has proposed a minimum global corporate tax rate of at least 15%. British, Italian and Spanish fashion, cosmetics and luxury goods exports to the United States will be among those facing new 25% tariffs later this year if there is no compromise. The U.S. has proposed levying the new global minimum tax only on the world’s 100 largest and most profitable companies.
Persons: Britain's, Rishi Sunak, Janet Yellen, Hannah McKay, Joe Biden’s, Donald Trump, ” Sunak, Sunak, Taro Aso, Biden, Paolo Gentiloni, , , CNBC Daniel Bunn Organizations: Seven, U.S, Treasury, REUTERS, Google, Facebook, Lancaster House, Reuters, United, European, OECD, CNBC, Washington’s, Foundation Locations: Britain, London, United States, Japan, Germany, France, Italy, Canada, Lancaster, Buckingham, Venice, Spain, London ”, U.S, England, States
G7 finance ministers meet in London to broker global tax deal
  + stars: | 2021-06-03 | by ( David Milliken | ) www.reuters.com + 0.00   time to read: +4 min
The gathering, chaired by British finance minister Rishi Sunak, will be the first time all seven ministers will meet face-to-face since the start of the coronavirus pandemic. French finance minister Bruno Le Maire said ahead of the meeting that an agreement would be a "decisive step" which he thought was "within reach". MINIMUM 15% RATEThe United States has proposed a minimum global corporate tax rate of at least 15%. The United States has proposed levying the new global minimum tax only on the world's 100 largest and most profitable companies. “All of them, and without exception” must be covered by the new rules, German finance minister Olaf Scholz told Reuters.
Persons: Rishi Sunak, Dylan Martinez, Joe Biden's, Donald Trump, Sunak, ” Sunak, Bruno Le Maire, Taro Aso, Biden, Olaf Scholz, Daniel Bunn Organizations: Reuters, Downing, REUTERS, Dylan Martinez Finance, Google, Facebook, Lancaster House, Treasury, United, Washington's, Foundation, Britain, United Nations, Financial, Thomson Locations: London, Britain, United States, Japan, Germany, France, Italy, Canada, Lancaster, Buckingham, Venice, U.S, England, States, Glasgow
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