— Gadgets

G7 agreement will stop corporations from ‘taking advantage’ of ‘low tax havens’

The historic agreement between G7 nations to tax multinational companies will ensure corporations don’t “jump from one country to the other” to “take advantage” of “low tax havens,” according to Cypress College Political Science Professor Peter Mathews.

The two key reforms included in the agreement was a global minimum corporate tax rate of 15 per cent to prevent companies like Google, Facebook and Apple from shifting profits to low tax jurisdictions.

The new rules will also calculate what they owe and where.

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