G-7 nations are close to reaching a historic global tax deal

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CNBC:

  • Finance ministers from the Group of Seven rich nations are meeting in person for the first time since the start of the Covid pandemic, after U.S. President Joe Biden’s administration gave fresh impetus to stalled global tax talks this year.
  • Rich nations have struggled for years to agree a way to raise more tax from large multinationals such as Google, Amazon and Facebook, which often book profits in jurisdictions where they pay little or no tax.

“And he said unto them, Exact no more than that which is appointed you.” Luke 3:12 KJV

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.

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. Read More

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