G7 tax deal doesn’t go far enough, campaigners say

Source: BBC News [UK state media]

“A landmark deal struck by rich nations to make multinational companies pay more tax has been criticised by campaigners for not going far enough. G7 finance ministers meeting in London agreed to battle tax avoidance by making big companies pay more tax in the countries where they do business. Tech giant firms likely to be impacted have welcomed the new rules. But the charity Oxfam says an agreed 15% global minimum corporate tax rate is ‘far too low’ to make a difference. The deal announced on Saturday between the G7 group of wealthy nations (US, the UK, France, Germany, Canada, Italy and Japan, plus the EU) could see billions of dollars flow to governments to pay off debts incurred during the Covid crisis. UK Chancellor of the Exchequer Rishi Sunak, who hosted the summit, said the agreement would create ‘a fairer tax system fit for the 21st Century.'” (06/06/21)