Taxation: International Cooperation
(asked on 21st June 2021) - View Source
Question to the HM Treasury:
To ask Her Majesty's Government what steps they plan to take to deliver on the international agreement on global tax reform agreed by the G7 on 5 June.
This question was answered on 29th June 2021
The Government is delighted that the G7 has, under the UK’s Presidency, reached an agreement on how the international tax framework should be reformed in response to the challenges created by globalisation and digitisation. These reforms would involve two pillars; changing where multinational group profits are taxed as well as requiring a minimum level of tax to be paid on profits in each jurisdiction. The Government believes that the G7 agreement provides the basis for a more comprehensive agreement at the level of the G20 and the 139 members of the OECD Inclusive Framework, and is working actively and constructively with other countries to support this aim.
The Government is delighted that the G7 has, under the UK’s Presidency, reached an agreement on how the international tax framework should be reformed in response to the challenges created by globalisation and digitisation. These reforms would involve two pillars; changing where multinational group profits are taxed as well as requiring a minimum level of tax to be paid on profits in each jurisdiction. The Government believes that the G7 agreement provides the basis for a more comprehensive agreement at the level of the G20 and the 139 members of the OECD Inclusive Framework, and is working actively and constructively with other countries to support this aim.