By: City A.M.
February 12, 2021
Rishi Sunak has doubled down on a commitment to establish a new global tax on tech firms in the coming months following years of conflict over a new regime targeting Silicon Valley.
In a G7 meeting today the chancellor said the new digital tax framework was a “key priority” and called on member nations to reach an “enduring multilateral solution” by the mid-2021 deadline set by the G20.
During the meeting, which was the first under the UK’s presidency this year, Sunak called for cooperation between the G7 and G20, as well as the Organisation for Economic Co-operation and Development (OECD).
The OECD has been leading discussions between roughly 140 countries amid complaints tech giants were not paying their fair share of tax.