Amazon, Google and Facebook will be hit hard by the G-7 tax deal. Here’s how they responded

SourceCNBC
SectorEconomy
CountrySaudi Arabia

The world’s biggest tech companies are facing a corporate tax avoidance crackdown after the Group of Seven most developed economies agreed a historic deal Saturday. The G-7 backed a U.S. proposal that calls for corporations around the world to pay a minimum 15% tax on profits.

The reforms, if finalized, would affect the largest companies in the world with profit margins of at least 10%. Looking ahead, the G-7 hopes to achieve a wider agreement on the new tax proposals next month at a gathering of the expanded G-20 finance ministers. Asked whether and would be among the companies targeted by the proposal, U.S. Treasury Secretary Janet Yellen said she believes they would “qualify by almost any definition.” Here’s how America’s tech giants reacted to the news: Amazon Amazon said the agreement “marks a welcome step forward” in efforts to “bring stability to the international tax system.” “We hope to see discussions continue to advance with the broader G20 and...read more...