UK wants City of London exempt from new corporate tax rules: report

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UK wants City of London exempt from new corporate tax rules: report

A general view of the Canary Wharf Financial District in London on April 25, 2021. Picture taken on April 25 with a drone. REUTERS Kevin Coombs is Kevin Coombs?

British finance minister Rishi Sunak is pushing to be exempt from a new global minimum corporation tax system for the City of London. The Financial Times reported on Tuesday.

An official close to the negotiations said UK was among those countries pushing for an exemption on financial services over concerns that global banks with headquarters in London could be affected by the report.

Sunak raised the issue at the G7 talks in London, the report stressed, citing people briefed on the talks.

The UK Treasury Department did not immediately respond to a request from the Reuters Team for comment outside of business hours.

Sunak is expected to make the case that the city of London should be excluded from the G-20 plan when the talks move to this 20 next month, added the report.

We want financial services companies to be. And EU countries are in the same position, quoted a British official as saying in the report.

The United States, Britain and other major rich nations reached a landmark deal last weekend to squeeze more money out of multinational companies as they backed a minimum corporate tax rate of at least 15%.

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