If United States Wants International Support For Global Minimum Tax Rate On Corporate Profits, American Technology Companies Also Contribute.
If The United States Wants International Support For A Global Minimum Tax Rate On Corporate Profits, American Technology Companies Must Also Make A Fair Contribution. This was stated by British Treasury Secretary Rishi Sunak in an interview with the Mail on Sunday.
Next week, the so-called G7 finance ministers will meet. Ministers from the United Kingdom, France, Germany, Italy, Japan, Canada and the United States are discussing the White House’s plan for an international minimum of 15 percent tax on corporate profits. President Joe Biden wants to avoid taxes elsewhere by PO Box companies in countries with favorable tax environments. But Chunak worries that large technology companies in particular are not making enough contributions to the treasury.
“We need to make it clear to technology companies why fair taxation is important to us. We need an agreement, so I urge the United States and the G7 to do this. Negotiations are going well, but we need a good deal. As for Britain,” Sunak said in the mail on Sunday. Big multinationals, especially digital companies, are not able to pay the right taxes in the right countries. That’s not fair. ”
The UK government has previously introduced a special tax for digital businesses. Large international companies with search engines, web stores or social media are required to pay 2 percent of their earnings in the UK. It affects US groups Google, Facebook and Amazon. The United States therefore considers the digital tax to be discriminatory against U.S. companies and threatens the British with import duties or other measures.
This news was originally published at The Cheraw Chronicle.