Harry’s impression: G7 ministers agree on digital tax plan

 


G7 finance ministers reached a consensus on steps towards ensuring fair taxation of large tech companies, such as Google and Facebook, during a G7 meeting on 17 July in Chantilly, France. New rules will be developed in continuing negotiations at the Organization for Economic Co-operation and Development to address digitalized business models. Currently, digital giants pay little tax in Europe by funnelling sales through countries with favourable tax regimes, such as Luxembourg and Ireland. Earlier this month, the French parliament imposed a 3 percent turnover tax on tech companies. In response, the Trump administration announced a probe into France and threatened to impose tariffs. 


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