Jun 2021. G7 Take on the Social Media Giants

Facebook on June 5 welcomed the historic G7 pledge to commit to a global minimum corporate tax rate despite the social media giant risking paying more. The G7 nations and Central Bank Governors Communiqué reached a landmark agreement to seek higher global taxation on multinational businesses including Google, Apple and Amazon. In a massive development that could raise hundreds of billions of dollars for governments to cope up with economic distress caused by COVID-19, G7 nations consisting of Canada, France, Germany, Italy, Japan, the UK and the US, decided to back a minimum global corporate rate of at least 15% and for firms to pay more tax in the markets they choose to sell goods and services in.