G-7 nations sign landmark agreement to make tech giants pay fair taxes


The world’s richest countries signed a landmark global agreement Saturday to confront tax avoidance and make sure that giant tech companies pay their fair share, Britain’s treasury chief said.

Treasury chief Rishi Sunak said finance ministers from the Group of Seven leading industrialized nations signed the pact on the second and final day of meetings in London.

“I’m delighted to announce that G-7 finance ministers today, after years of discussions, have reached a historic agreement to reform the global tax system to make it fit for the global digital age and crucially to make sure that it’s fair, so that the right companies pay the right tax in the right places,” Sunak said in a video message posted on Twitter.

The meeting of finance ministers came ahead of an annual summit of G-7 leaders scheduled for June 11-13 in Carbis Bay, Cornwall. The U.K. is hosting both sets of meetings because it holds the group’s rotating presidency.

The G-7 has also been facing pressure to provide vaccines for low-income countries facing new surges of COVID-19 infections and to finance projects to combat climate change. 

Britain G7
From left, EU’s Economy Commissioner Paolo Gentiloni, Eurogroup President Paschal Donohoe, World Bank President David Malpass, Italy’s Finance Minister Daniele Franco, French Finance Minister Bruno Le Maire, Canada’s Finance Minister Chrystia Freeland, Britain’s Chancellor of the Exchequer Chancellor Rishi Sunak, Managing Director of the IMF Kristalina Georgieva, Germany’s Finance Minister Olaf Scholz, U.S. Treasury Secretary Janet Yellen, Secretary-General of the Organisation for Economic Co-operation and Development (OECD) Mathias Cormann, Japan’s Finance Minister Taro Aso pose for a family photo as finance ministers from across the G7 nations meet at Lancaster House in London, June 5, 2021. 

Henry Nicholls/Pool Photo via AP




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