Putin will instruct the Cabinet of Ministers to study plans to introduce a minimum corporate tax in the West

Russian President Vladimir Putin will instruct the government to work out the issue of a possible introduction of a global corporate tax, taking into account the national interests of the country. Earlier, the G7 states announced that they are close to reaching an agreement on the introduction of a tax on profits of large corporations at the level of at least 15%.

“Of course, I will ask both the Prime Minister and your colleagues from the economic bloc to sort this out carefully in order to keep in mind and take into account our national interests,” said Mr Putin, addressing the head of the Federal Tax Service, Daniil Yegorov, at a meeting with alumni of the personnel reserve program Higher School of Public Administration.

The US Treasury previously proposed to introduce a global corporate income tax at the level of at least 15% with the possibility of later increasing the rate. This initiative was made public at the talks on the international tax architecture, which are being led by the G20 and the Organization for Economic Cooperation and Development (OECD).

Later, the head of the UK Treasury Rishi Sunak said that the finance ministers of the G7 countries also agreed to the introduction of such a tax. According to the minister, 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.

Read about the options for regulating foreign digital companies that Russia is considering, read in the material “Kommersant” “IT giants are brought under tax.”

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