G7 nations close to historic deal to tax multinationals
Group of Seven rich nations will seek to overcome long-standing differences on Saturday and strike a landmark deal to close the net on large companies that they say do not pay enough tax, Reuters reports.
The proposed accord, which could form the basis of a global pact next month, is aimed at ending a decades-long "race to the bottom" in which countries have competed to attract corporate giants with ultra-low tax rates and exemptions.
That has in turn cost their public coffers hundreds of billions of dollars - a shortfall they now need to recoup all the more urgently to pay for the huge cost of propping up economies ravaged by the coronavirus crisis.
"We are just one millimetre away from a historic agreement," French Finance Minister Bruno Le Maire told the BBC on Friday as he and other G7 finance chiefs met in person for the first time since the start of the pandemic at talks in London.
British finance minister Rishi Sunak, who is chairing the talks, also wants large companies to be required to declare their environmental impact in a consistent way. The G7 is likely to commit to avoid withdrawing COVID stimulus too early as well.
Rich nations have struggled for years to agree a way to raise more revenue from large multinationals such as Google, Amazon and Facebook, which often book profits in jurisdictions where they pay little or no tax.
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