Analysis: the UK chancellor’s supporters in the Tory party advocate low corporate taxes, so the G7 proposals put him in an awkward position
The historic deal signed this weekend is intended to prevent digital companies such as Google and Facebook from playing a cat-and-mouse game with national tax authorities.
G7 finance ministers have established a minimum global corporation tax rate of 15% – a rate that can ultimately be applied by all nations. One that they believe tackles the huge inequalities between the major, mostly US digital firms, and the rest of the business community, a divide that has been made worse during the pandemic.
