G7 finance ministers are one step away from a landmark agreement to overhaul tax rules for multinational corporations, aiming to ensure tech giants like Google, Amazon, and Facebook pay their 'fair share' globally. France and Germany announced the breakthrough after intense talks in London—the group's first in-person meeting since the pandemic began.
U.S. Treasury Secretary Janet Yellen's proposal for a 15% minimum global tax rate is central to the deal. While lower than many G7 countries' current rates, it faces pushback from low-tax hubs like Ireland (12.5%) and tech firms wary of tighter regulations. \"We're just one millimeter from a historic agreement,\" said French Finance Minister Bruno Le Maire.
UK Chancellor Rishi Sunak emphasized the need to modernize tax systems designed in the '1920s' to address today's borderless digital economy. The plan could reshape how companies like Netflix or TikTok are taxed based on user activity rather than physical headquarters.
But hurdles remain: consensus at the G20 meeting in June is critical, and resistance from corporations and certain governments looms. Will this be the start of global tax justice—or a new battlefront?
France and Germany announced the breakthrough after intense talks in London—the group's first in-person meeting since the pandemic began.
\"We're just one millimeter from a historic agreement,\" said French Finance Minister Bruno Le Maire.
The plan could reshape how companies like Netflix or TikTok are taxed based on user activity rather than physical headquarters.
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