G7 finance ministers are meeting in London today in an attempt to finalise a tax crackdown on tech giants by imposing a minimum global corporate tax rate. And it was revealed today that Microsoft's Irish arm made a £222billion ($315m) profit last year but paid no corporate tax because it is 'resident' in Bermuda. It says the digital services tax unfairly targets US tech giants for tax practices that European companies also use. Its 12.5 per cent tax rate is one of the lowest in the world, prompting tech giants such as Facebook and Google to make Ireland the home of their European operations. 'We therefore commit to defining a common position on a new international tax system at the G7 Finance Ministers meeting in London this Friday.'

Source: Daily Mail June 04, 2021 09:01 UTC