U.K. Pushes for Finance Exemption From Global Taxation Deal (2)

June 8, 2021, 10:37 PM

U.K. Chancellor of the Exchequer Rishi Sunak is pressing for the City of London to be exempt from a plan by global leaders to make multinationals pay more tax to the countries where they operate.

Finance ministers from the Group of Seven advanced economies struck a historic deal last weekend that could force the world’s biggest companies to pay a minimum corporate tax rate of 15%.

Sunak is expected to make the case that financial services, including global banks with head offices in London, should be exempt from the plan when talks move to the G-20 next month.

Rishi Sunak at the G7 summit in London, on June 4.
Photographer: Andy Rain/EPA/Bloomberg

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