In response to news that G7 finance ministers have reached a deal on setting a global minimum corporation tax rate of at least 15%.
Tax Justice UK Executive Director, Robert Palmer, said: “A global minimum tax rate of at least 15% is a good first step. This would make it harder for big companies to dodge their taxes.
“But setting the rate at 15% is far too low, especially compared to the fact that the UK’s rate is going up to 25% in 2023. This deal won’t do enough for British businesses who are trying to compete with global giants who pay ultra-low levels of tax.
“This deal must be a starting point for a future agreement that includes a higher minimum tax rate and one that works for lower income countries too.These G7 negotiations have excluded most of countries in the world - we need a fairer way of setting global tax policy.”