Sunak Wants Biden to Support Tax on Tech Companies, Mail Says
U.K. Chancellor of the Exchequer Rishi Sunak wants the U.S. government to sign up to a global tax on technology companies such as Google and Facebook Inc., he said in an interview with the Mail on Sunday.
He urged President Joe Biden’s administration to discuss the new tax in time for Group of Seven meetings next month. The U.S. has indicated it’s ready drop its opposition to a so-called tech tax in return for a new minimum 15% global corporation tax rate, the newspaper said.
“Large multinational companies, particularly digital companies, are able by the nature of their businesses not to pay the right tax in the right places,” Sunak told the Mail. “That’s not fair.”
The G-7 finance ministers will meet in London this week to discuss the proposed deal before heads of state gather in Cornwall between June 11 and 13.
Group of 20 ministers then meet in Venice in July. An agreement between 139 countries under the auspices of the Organisation for Economic Cooperation and Development is anticipated for October.
©2021 Bloomberg L.P.