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UK's Sunak says deal to be done on tax at G7, but tech must pay fair share

Stock MarketsMay 29, 2021 06:05PM ET
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© Reuters. FILE PHOTO: Britain's Chancellor of the Exchequer Rishi Sunak attends a virtual press conference inside 10 Downing Street in central London, Britain March 3, 2021. Tolga Akmen/Pool via REUTERS

LONDON (Reuters) - British finance minister Rishi Sunak said there was a deal to be done with the United States on tax but big tech firms would have to pay their fair share in return for British backing for Washington's corporation tax proposals.

The United States has proposed a global minimum corporation tax rate of 15%, well below G7 levels, but above those in some countries such as Ireland. But Britain remains concerned the plans do not go far enough on taxation of tech giants such as Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOGL) and Facebook (NASDAQ:FB).

"We need them to understand why fair taxation of tech companies is important to us. There's a deal to be had, so I'm urging the U.S. – and all of the G7 – to come to the table next week and get it done," Sunak told the Mail on Sunday newspaper ahead of a meeting of G7 finance ministers on June 4-5.

"Negotiations are going well ... But it has to be the right deal for Britain and that's what this week's negotiations will be about."

Sunak said that firms like Facebook themselves also wanted resolution on the issue that would give them certainty and stability.

He also said that he wanted to "level the playing field for British high streets", with Britain looking at a separate online sales tax.

"Fundamentally, the global tax system isn't working ... Large multinational companies, particularly digital companies, are able by the nature of their businesses not to pay the right tax in the right places. And that's not fair," he said.

"That's what we're fighting hard to fix in these negotiations. If everyone works hard over the next few days and weeks, I'm confident that we can find a good place."

UK's Sunak says deal to be done on tax at G7, but tech must pay fair share
 

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Comments (5)
Miriam Morkhul
Miriam Morkhul May 31, 2021 7:50AM ET
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"Global tax". No thanks. The world sounds more and more dystopic. I chose local power and individual liberty. I do not which to partake in global Keynesianism and MMT.
carlo velasco
carlo velasco May 30, 2021 11:42PM ET
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Are London based companies , & subsidiaries banks included in this tax proposal??
Roger Miller
Roger Miller May 29, 2021 9:51PM ET
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Governments should cut their spending and give everyone else tax cuts. Win win for everyone, except for those at the government trough!
Rick Rice
Rick Rice May 29, 2021 7:51PM ET
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Are London based companies , & subsidiaries banks included in this tax proposal??
Millennial Dip Buyer
Millennial Dip Buyer May 29, 2021 7:29PM ET
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Not only do US tech companies spread the most important American export ('culture'), they do so while draining your country and giving nothing in return.  About as American as you can get.
 
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