Group of Seven finance ministers in London on Saturday.
Tech companies signaled approval of a “significant” deal to back a 15% global minimum corporate tax. Treasury Secretary Janet Yellen said it was a “significant, unprecedented commitment.” Facebook welcomed “the important progress made at the G7,” VP Nick Clegg told Insider. See more stories on Insider’s business page.
As finance ministers from the Group of Seven countries agreed on Saturday to back a 15% global minimum corporate tax rate, the world’s biggest tech companies signaled approval.
“Facebook has long called for reform of the global tax rules and we welcome the important progress made at the G7,” said Nick Clegg, vice president for global affairs at Facebook, in an emailed statement.
The agreement announced in London between the wealthy G7 nations marked a meaningful step toward closing often-used international tax loopholes, which have allowed the biggest companies in the world to sidestep taxes at home and aboard.
The official announcement via the UK government called the deal a “seismic agreement,” adding that it meant the “largest multinational tech giants will pay their fair share of