Fears that banks with their headquarters in London such as HSBC could be affected by the G7 tax deal have prompted the chancellor to act, according to an official close to the talksThe chancellor is pushing to win a carve-out for the City of London in the G7’s push for a new global tax system to cover the world’s “largest and most profitable multinational enterprises”. Rishi Sunak said that the weekend’s “historic agreement” by G7 finance ministers would force “the largest multinational tech giants to pay their fair share of tax in the UK”. However, one official close to the talks said that Britain was among countries pushing “for an exemption on financial services”, reflecting Sunak’s fears that global banks with head offices in London, such as HSBC and Standard Chartered, could be affected, according to the Financial Times. SponsoredThe chancellor’s efforts come as a think tank warned that America’s giant technology groups will pay less

Source: The Times June 08, 2021 11:01 UTC