Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Finance

UK pushes for City of London to be exempt from G7 global tax plan – FT

UK pushes for City of London to be exempt from G7 global tax plan - FT

(Reuters) – British finance minister Rishi Sunak is pushing for the City of London to be exempt from a new global minimum corporation tax system championed by the Group of Seven (G7) economies, the Financial Times reported on Tuesday.

An official close to the talks said the UK was among those countries pushing “for an exemption on financial services” over fears that global banks with headquarters in London could be affected, the report https://on.ft.com/3zdHqtV said.

Sunak raised the issue at the G7 talks in London, the report added, citing people briefed on the talks.

Sunak is expected to make the case that the City of London should be exempt from the plan when talks move to the G-20 next month, the report added.

“Our position is we want financial services companies to be exempt and EU countries are in the same position,” the report quoted one British official as saying.

The United States, Britain and other large, rich nations reached a landmark deal last weekend to squeeze more money out of multinational companies as they backed a minimum global corporate tax rate of at least 15%.

“The global tax agreement backed by G7 finance ministers reforms the global tax system to make it fit for the global digital age, achieving a level playing field for all types of companies”, a Treasury spokesperson said.

“The agreement will now be discussed in further detail at the G20 Financial Ministers & Central Bank Governors meeting in July”, the spokesperson added.

(Reporting by Akriti Sharma in Bengaluru; additional reporting by Kanishka Singh; Editing by Leslie Adler and Toby Chopra)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post