The G-7 summit decided to tax multinational companies, including Amazon and Facebook
LONDON: The G-7 foreign ministers meeting of the world’s seven largest economies has agreed to a 15 percent tax on multinational companies, including Google, Facebook, and Amazon.
According to the BBC, due to the easing of Corona sanctions in London, the main meeting of G7 foreign ministers was held in London under the chairmanship of British Finance Minister Rishi Sotonik. , Foreign Ministers of Italy and Japan attended.
After the G-7 Foreign Ministers’ Summit, British Finance Secretary Rishi Sathonik announced that a landmark agreement had been reached on a US proposal to tax multinational companies, raising corporate taxes to 15 percent.
The biggest problem in corporate taxation is the collection of taxes from multinational companies as these companies open their headquarters in countries where tax rates are lower. This complication has also been removed in this agreement.
Earlier, US President Joe Biden had proposed raising the corporate tax on multinational companies to 15 percent, saying that the proceeds from the tax would help many countries repay loans taken during the epidemic.
The G-7 corporate tax proposal will also be discussed at the upcoming G-20 summit. Many major technology companies, including Google, Facebook and Amazon, could also be affected by the tax.