Sunday, July 11, 2021

Global tax reform

Yesterday the Chancellor confirmed that G20 Finance Ministers have fully endorsed an agreement on global tax reform, laying the foundations for an historic agreement to modernise international tax rules.

  • The growing success of large international companies has provided new innovation, jobs, and opportunities, but it is only right that they now pay their fair share of taxes. Only joint international agreement between all the major economies can make that work.
     
  • That is why the Chancellor has welcomed milestone progress on global tax reform, laying the foundations for an historic agreement to introduce a minimum 15 per cent international rate, whilst cracking down on corporations that avoid paying their taxes. 
     
  • The global deal will create a tax model that is fit for purpose in the digital age, levelling up our high streets and ensuring the system is fairer for everyone.

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