Corporate Tax

New international code to lure corporate tax evaders | Corporations

A deal on a worldwide minimum corporate tax that would bring in billions of pounds from loose multinationals could come as early as next week.

The negotiators are on the verge of defining a set of common principles as part of a revision of the international tax code that the world’s leading developed countries will sign at the G7 finance ministers meeting next Friday.

America has proposed a minimum global tax rate of 15 percent to discourage companies from channeling profits to tax havens. The proposal is supported by all G7 countries with the exception of Great Britain, which wants to implement a parallel reform of the tax regulations for digital companies such as Google and Facebook.

Washington is on the verge of making the necessary digitization commitments

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