G7: Rich nations target Microsoft, Amazon? | The Daily Update

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G7: Rich nations target Microsoft, Amazon?

Finance ministers from the G7 group of leading economies are confident of striking a deal on taxing multinational companies at their meeting in London.

The agreement is expected to include a global minimum rate of corporation tax. It would target tech giants such as Amazon and Microsoft.

German finance minister Olaf Scholz said the deal would "change the world". He said a 15% rate would help pay back debts that have built up during the pandemic - and that he was "absolutely confident" there would be an agreement.

"If we agree on the minimum taxation for corporates, this will help to go out of this race to the bottom we see with taxes today," he told the media.

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