G7 states give priority to global digital tax

G7 states give priority to global digital tax
American internet company amazon

Washington / London The Group of Seven Major Industrialized Countries (G7) has created an international approach to taxing Internet companies. Following a virtual meeting of G7 finance ministers on Friday, the UK announced that all participants had committed themselves to “an international solution to the tax challenges of the digital economy”.

Great Britain – the current G7 president – called for a general approach to taxing Internet giants by mid-year. The deadline corresponds to the request by the G20 countries. In addition to Great Britain, the G7 includes Germany, USA, Japan, France, Italy and Canada.

Currently many countries are trying as a global approach to taxation of corporations. Amazon And Google To find However, under President Donald Trump, the United States blocked advances that would particularly affect American companies.

Under its successor Joe Biden, the US has announced the return of a multinational approach. At the G7 meeting, the new US Treasury Secretary Janet Yellen said that “deepening our international engagement and strengthening our alliances” was a high priority.

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He called on his colleagues such as Federal Finance Minister Olaf Scholz to promote economic recovery through government spending. Now is the time to “go big”, she said.

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