June 9 - British Finance Minister Rishi Sunak is pushing for the City of London to be exempt from a new global minimum corporation tax regime called the Group of Seven economies on Tuesday, The Financial Times reported.
An official close to the talks said the UK was one of those countries pushing for an exemption on financial services over fears that global banks with headquarters in London could be affected by their report https: on.ft. com 3 zdHqtV.
Sunak added the issue at the G7 talks in London, the report raised the question, citing people briefed on the talks.
Sunak is expected to make the case that the city of London should be exempt from the plan if talks move to the G20 next month, according to the report.
Our position is that we want financial services companies in the EU exempt and United Kingdom countries are in the same position, the report quoted a British official as saying.
Last weekend, the United States, Britain and other large, rich nations reached a landmark deal to squeeze out more money out of multinational companies as they backed a minimum corporate tax rate of at least 15%.
The global digital tax deal backed by the Finance Ministers of G7 reforms the global tax system to make it fit for the global digital age, achieving equal playing field for all types of companies, said a Treasury spokesperson.
The agreement will now be incorporated in the G20 Financial Ministers Central Bank Governors meeting in July, the spokesperson added. Is it time to use this phrase?