Financial Services Set to Be Excluded in Global Tax Rules: FT

Lobbying from Britain during negotiations at the OECD has led to an exemption for financial services in new global tax rules, according to the Financial Times, citing people familiar with the matter.

• Report adds that the U.K. Chancellor Sunak had to make concessions to secure the exemption with the U.S. asking to dismantle Britain’s digital services tax
• U.S. also agreed to the focus on taxing multinationals more based on where they operate rather than where they are based

To view the source of this information click here

To contact the reporter on this story:
Sunil Kesur in London at skesur@bloomberg.net ...