The finance ministers of the G7 countries are in favor of introducing a tax on profits of large corporations at the level of at least 15%. The ministers reached an appropriate agreement following a meeting in London, said Rishi Sunak, the head of the UK Treasury. The introduction of this tax was previously initiated by the United States.
“After years of deliberation, the G7 finance ministers reached a historic agreement to reform the global tax system to match the digital age,” Sunak told reporters (quoted from Reuters).
On his Twitter, the minister toldthat taxes will be paid by the world’s largest companies with a profitability of at least 10%: 20% of any income over 10% will be redistributed and then taxed in the countries where the sale is taking place. “The G7 also agreed to a global corporate tax principle for large companies of at least 15% per country, which will create a more level playing field for UK firms and help avoid tax evasion.” wrote Rishi Sunak.
According to Reuters, citing a copy of the document agreed by the ministers, the G7 countries also agreed to oblige companies to disclose their environmental impact. This will make it easier for investors to decide whether to finance them.
In April, the US Treasury unveiled a corporate tax reform plan. The head of the department, Janet Yellen, said that the introduction of a minimum corporate tax rate common for all countries would “compensate for any adverse consequences” that the proposal to raise corporate income tax in the United States may have.
More information about the new tax – in the publication of “Kommersant” “Levy from all parts of the world.”