G7 reforms might cost the UK

Posted on 25 Mar 2022
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G7 reforms result in a net loss of tax for the UKAnalysis by Tax Watch contends that the G7 agreement on a global minimum corporation tax rate will see lower UK tax bills for US tech giants. The think tank concluded that the tax rate for Amazon, Facebook, Google and eBay from Pillar One – which is aimed at making firms pay tax in the countries where they have users - would be below or at the same level as their current UK tax liabilities. But with the local Digital Services Tax removed, the overall effect would be a tax cut. Pillar Two - the 15% global minimum corporate tax rate - will enable the UK to collect more tax from its own large corporations, but will have no impact on US-based companies, Tax Watch argues.

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