The G7 countries have approved the size of the tax on profits of large corporations: it must be at least 15 percent. The ministers reached an appropriate agreement following a meeting in London, said the head of the UK Treasury Rishi Sunak, RBC reports.
Sunak described the decision as historic and in line with the “digital age”. According to him, the income tax will create a more level playing field for British companies and will discourage attempts to evade taxes.
“In accordance with the principles of epoch-making reforms, the world’s largest firms with a profitability of at least 10 percent will be covered, while 20 percent of any profits in excess of 10 percent will be redistributed and then taxed in the countries where they sell,” said the head of the British Treasury …
Now this proposal should be considered in the G20, which includes, including Russia. The International Monetary Fund has previously supported the corporate tax initiative.
In May, the US Treasury came up with an initiative to introduce a minimum global corporate income tax of at least 15 percent. At the same time, the department believes that after discussions within the framework of the G20 and the Organization for Economic Cooperation and Development (OECD), the rate could be raised even higher.
The new system will allow more taxes to be collected from multinational companies such as Google, Amazon, Facebook and Apple, which often register in jurisdictions with preferential or lenient tax regimes.
The G7 countries also agreed to oblige companies to disclose their environmental impact.