According to a foreign news agency, the world’s richest countries have agreed to at least a global corporate tax in addition to taxes in the domestic market from large companies to control the economic impact of the Corona epidemic. At a meeting in London, participants agreed on a minimum corporate tax rate of 15%. This will give these rich countries billions of dollars in taxes.
The G7 countries have decided to impose global taxes on other major digital platforms, including Amazon, Apple and Google.
The Global Corporate Tax Agreement was reached at the G7 Finance Ministers’ Meeting in London. The British Treasury Secretary has called the deal historic. Following the agreement, the National Digital Services Tax imposed on major technology companies in the G7 countries will be abolished. The agreement will have to be presented at the G20 summit next month for a broad consensus on the issue. The G20 also includes emerging economies.
Rishi Sonak said that the corporate tax system has been set up in such a way that global companies have to pay the same tax rate all over the world. After years of debate, the G-7 finance ministers have agreed on a landmark agreement to reform the global tax system so that it can be redesigned in today’s digital age.