G7 Finance Ministers agreed plan for taxing digital companies
G7 Finance Ministers meeting in France agreed a plan for taxing digital companies such as Facebook and Google that will set a minimum level of taxation for them.
A statement from France said that Ministers fully supported a two-pillar solution to be adopted by 2020.
France, which holds the rotating chairmanship of the group of world's most developed countries, said, new rules should be developed to address new business models allowing companies to do business in a territory without any physical presence.
Ministers agreed that a minimum level of effective taxation would contribute to ensuring that companies pay their fair share of tax.
It added the G7 looks forward to further progress in the context of the G20 and a global agreement on the outlines of the architecture by January 2020.
The French Parliament earlier this month passed a new law that will tax digital giants on revenue accrued inside the country, even if their European headquarters are elsewhere, in a move that will affect huge US groups Google, Apple, Facebook and Amazon.
G7 Finance Ministers meeting in France agreed a plan for taxing digital companies such as Facebook and Google that will set a minimum level of taxation for them.
A statement from France said that Ministers fully supported a two-pillar solution to be adopted by 2020.
France, which holds the rotating chairmanship of the group of world's most developed countries, said, new rules should be developed to address new business models allowing companies to do business in a territory without any physical presence.
Ministers agreed that a minimum level of effective taxation would contribute to ensuring that companies pay their fair share of tax.
It added the G7 looks forward to further progress in the context of the G20 and a global agreement on the outlines of the architecture by January 2020.
The French Parliament earlier this month passed a new law that will tax digital giants on revenue accrued inside the country, even if their European headquarters are elsewhere, in a move that will affect huge US groups Google, Apple, Facebook and Amazon.
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