Washington / London The Group of Seven Leading Industrial Nations (G7) has developed an international approach to taxing internet companies as a priority. After a hypothetical G7 finance ministers meeting on Friday, the UK announced that all participants committed to “an international solution to the tax challenges of the digital economy”.
Great Britain – the current chair of the G7 – has called for a common approach to taxing internet giants by the middle of the year. The deadline corresponds to a request from the G20 countries. In addition to Great Britain, the G7 includes Germany, the United States, Japan, France, Italy and Canada.
Many countries are currently trying to take a universal approach as possible to taxing companies such as Amazon And the Google To exist. However, under President Donald Trump, the United States has blocked progress that would particularly affect American companies.
Under his successor, Joe Biden, the United States announced a return to a multinational approach. At the G7 meeting, new US Treasury Secretary Janet Yellen said that “deepening our international engagement and strengthening our alliances” was a top priority.
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She called on her colleagues, such as Federal Reserve Finance Minister Olaf Schultz, to continue promoting the economic recovery through government spending. She said it was now time to “succeed”.
More: EPP Requirement: The European Union should impose stricter taxes on Google, Amazon & Co.