Global corporate tax crackdown gets “ethical” investor boost

Source: Reuters

“A global tax crackdown on multinationals has the backing of some of the world’s biggest investors who say that using low-tax jurisdictions falls foul of the tenets they have committed to. After years of negotiations over complex arrangements deployed by big companies, G7 finance ministers meeting in Britain on Friday are expected to declare their support for a global accord to address billions of dollars in lost tax revenue. This push is backed by some large investors, often state-run, who are scrutinising tax bills as well as profits. ‘It’s not about paying more tax, it’s about paying the right amount of tax. We want companies to not engage in practices through transactions and legal structures which contribute to tax evasion,’ Kiran Aziz, sustainability analyst at Norway’s KLP which manages $80 billion in pension assets, said.” (06/02/21)