G7 deal to raise the taxes for giants like Google, Facebook, Apple
In this, regarding corporate tax, it was ensured that the big tech companies give their fair share to the countries associated with the group.
New Delhi: Britain's Finance Minister Rishi Sunak has said that the G-7, a group of the world's richest countries, has signed a historic agreement on Saturday. In this, regarding corporate tax, it was ensured that the big tech companies give their fair share to the countries associated with the group.
Tax on Google, Apple, Amazon:
The agreement could form the basis of a global pact at the G-7 leaders' annual summit aimed at resolving differences.
G-7 ministers have agreed in principle to a global minimum tax rate of 15 per cent for multinationals in each country. The agreement was signed by the finance ministers of the Group of Seven major industrialized countries on the second and last day of meetings in London.
15 % tax on MNC like Facebook, Google:
Britain's Finance Minister and Indian-origin Rishi Sunak described this agreement as historic and said that this tax system is suitable and important for the global digital age. The proposal has also found support among other major economies such as France and Germany.
When this agreement comes into force, multinational companies like Google, Amazon, Facebook will also have to give some part of their profits to the governments of these countries. This will also help in handling the devastated economies due to the Corona virus crisis. French Finance Minister Bruno Maier praised the deal.
Rich countries have fought long to agree on a way to raise more revenue from big multinationals like Google, Amazon and Facebook. These companies make huge profits from every country and do not even pay any amount in the form of tax to the country concerned. Now these companies will also have to give a part of their profits to the governments.
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