G7 NATIONS SIGN HISTORIC PACT TO MAKE TECH GIANTS PAY FAIR TAXES


06/06/2021




Aslıhan DOĞRU -TDO- The countries known as the G-7, which have the seven largest economies in the world (Germany, the United States, the United Kingdom, France, Italy, Japan, and Canada), met in London, England, to agree that large companies should pay at least 15% tax.

The administration of United States President Joe Biden has proposed the idea of tech giants paying a minimum "corporate tax of at least 15%".

Major economies have been implementing a tax cut policy for more than 20 years to invest and provide jobs in their countries to giant internet platforms such as Google, Amazon, Facebook, Twitter, and Uber.

"G-7 finance ministers have reached a historic agreement on reforming the global tax system after years of negotiations. Now, the new tax system will adapt to the global digital age. From now on, we are confident that large companies will pay taxes at the right rate and in the right regions," British Finance Minister Rishi Sunak said in a video statement.

U.S. Treasury Secretary Janet Yellen welcomed the agreement, saying no such deal had been done before.


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