Google and Facebook welcome ‘historic’ deal to stop big tech tax avoidance

World

The G7 has agreed a deal on tackling corporate tax avoidance by big tech companies.

“It’s a proud moment” says Chancellor Rishi Sunak.

Mr Sunak said G7 finance ministers had committed to a global minimum tax of at least 15%.

Mr Sunak said it “meant the right companies pay the right tax in the right places”.

He called it a “historic agreement that finally brings out global tax system into the 21st century”, adding: “We’re going to level the playing field and inject some fairness into the system.”

Rich nations have struggled for years to agree a way to raise more revenue from large multinationals such as Google, Amazon and Facebook, which often book profits in jurisdictions where they pay little or no tax.

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