G7 is getting closer to agreeing tax blueprint for global firms, says Japan’s finance minister

·1-min read
<p>The tax would aim to solve the problem of large companies accused of paying very little tax </p> (PA Wire)

The tax would aim to solve the problem of large companies accused of paying very little tax

(PA Wire)

The G7 group of wealthy nations is moving closer towards agreeing a tax blueprint for multi-national companies such as Amazon, Google and Facebook, Japan’s finance minister said on Tuesday.

But Taro Aso does not believe that they will discuss specific figures on minimum tax rates.

This tax would aim to solve the problem of large companies that generate huge revenues but are accused of paying very little tax because they set up offices for tax purposes in low-tax jurisdictions. “I don’t think the June meeting would reach a debate on specific figures,” Mr Aso said after a Cabinet meeting.

However, “the difference of opinions has narrowed over global taxation”, he added, ahead of this weekend’s meeting being hosted by Chancellor Rishi Sunak and his counterparts from the US, Canada, Japan, Germany, France and Italy.

US President Joe Biden has proposed a minimum rate of 15 per cent.

Meanwhile, Environment Secretary George Eustice sparked controversy by mooting the idea of a carbon tax on meat imports from overseas.

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