British want exemptions from the worldwide minimum taxes

According to the "Financial Times", the British Treasury Secretary Rishi Sunak is pressing for exemptions for the London-based financial sector from the planned worldwide minimum tax. The British government feared disadvantages for global banks based in London, reported the newspaper with reference to information from the environment of the negotiations. Sunak also addressed the concerns at the meeting of finance ministers of the seven leading industrial nations (G7) last weekend. The G7 group agreed on a basic framework for global tax reform. The centerpiece is a minimum tax for large corporations of at least 15 percent. There is also a new regulation that countries with huge consumer markets should receive a larger share of the tax pie from particularly large and profitable corporations. Many detailed questions are still open. The next few weeks should show whether the G7 agreement will last on a larger scale and whether it will be binding for almost 140 countries in the next few years. After the negotiations, Sunak had spoken of a historic tax deal. France expects the minimum tax to generate additional income of several billion euros per year. Finance Minister Bruno Le Maire told the TV broadcaster BFM. But there is still no exact number. According to calculations by the EU tax observatory, an independent analysis company, France can expect 4.3 billion euros. Le Maire said that the other pillar of the planned tax reform can be expected to generate additional revenues of between EUR 500 million and EUR 1 billion. This pillar is about a different distribution of taxation rights between the countries. However, only the 100 largest and most profitable corporations are taken into account.