Over the weekend, the Chancellor agreed to historic global tax reforms with our G7 Partner, which will ensure that large global firms pay their fair share towards public services and will pave the way towards a global economic recovery that works for everyone.
The global tax system needs to be fit for the digital age, and as hosts of the G7 we have been pushing for a new system that means that the right companies pay the right tax in the right places. This is why, working with our G7 partners, the Chancellor has agreed changes to create a new, fairer tax system fit for the 21st century, with a minimum global corporation tax and new rules to ensure that large global firms and tech giants pay a fair share of profits in the countries where they do business
This historic agreement will pave the way towards a global economic recovery that works for everyone, with multinationals paying more towards our public services in the UK.
Following the announcement, my colleague the Chancellor said:
"These seismic tax reforms are something the UK has been pushing for and a huge prize for the British taxpayer - creating a fairer tax system fit for the 21st century.
"This is a truly historic agreement and I’m proud the G7 has shown collective leadership at this crucial time in our global economic recovery."
Further information can be found on the Government's page here: https://www.gov.uk/government/news/g7-finance-ministers-agree-historic-…