MoneyWeek

Bringing Big Tech to heel

What exactly has been agreed?

or a century and more, multinational companies have paid tax in the jurisdiction where they are based. That’s the simplest system. But as the world economy globalised, it has increasingly fostered a complex web of ownership structures, tax havens and other jurisdiction-hopping that lets profit-making machines pay nugatory corporate taxes in places where they do lots of business. That strikes many people as unfair. There are two parts to the changes agreed by the G7. First, the 100 biggest global companies with profit margins of at least 10% will

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