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G7 to move on tax havens

Simon Jenkins in the Guardian reflects on the tax plans set out at the G7 summit, saying finance ministers made an agreement that could spell the end of tax havens. The agreement will seek to set a basic 15% global tax on “stateless” multinational corporations in a deal Chancellor Rishi Sunak has described as “seismic”. Mr Jenkins says the agreement “has nothing to do with fiscal sovereignty”, noting that it would be a voluntary agreement to treat wealth equitably. He suggests that while there is “massive work still to be done, identifying loopholes and securing local agreements”, the agreement could eventually render tax havens obsolete, “and not before time”.

The Guardian


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