The UK refuses to support Biden’s push for a minimum corporate tax

(Reuters) – The British Treasury Department has refused to support US President Joe Biden’s global corporate tax reform if the White House does not support action against US technology companies, The Telegraph reported on Monday https://bit.ly/ 3vnnZg4. Resources of the Treasury.

The report cites sources who say Britain has not yet put forward the plan because it has enforced stricter rules targeting Silicon Valley giants Alphabet Inc., Google and Facebook Inc.

“We are not in a hurry to register without a proper and comprehensive agreement on where technology companies pay their taxes, which you believe can be paid through Congress,” the source said.

The UK Treasury did not immediately respond to a request for comment.

Britain has previously welcomed the US commitment to a solution, but has not commented specifically on the US proposal.

“Any deal is important to ensure that digital companies pay taxes in the UK in a way that reflects their economic activities,” said a spokesman for Prime Minister Boris Johnson.

Other European countries, including France, Germany and Italy, supported the US proposal for a minimum corporate tax rate of at least 15%, saying it was a good basis for concluding an international agreement by July.

In April, U.S. Treasury Secretary Janet Yellen proposed a minimum corporate tax rate of 21% in April, part of Fiden’s $ 2.2 trillion infrastructure spending plan, which will be largely funded by raising the corporate tax rate in the United States. USA 28%.

(Agrade Sharma Code in Bangalore; Editors: Leslie Adler and Sisu Numiyama)