UK pushes for Metropolis of London to be exempt from G7 international tax plan – FT By Reuters

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© Reuters. FILE PHOTO: A common view of the Canary Wharf monetary district in London, Britain April 25, 2021. Image taken April 25 with a drone. REUTERS/Kevin Coombs

(Reuters) – British finance minister Rishi Sunak is pushing for the Metropolis of London to be exempt from a brand new international minimal company tax system championed by the Group of Seven (G7) economies, the Monetary Instances reported on Tuesday.

An official near the talks stated the UK was amongst these nations pushing “for an exemption on monetary companies” over fears that international banks with headquarters in London could possibly be affected, the report stated.

Sunak raised the problem on the G7 talks in London, the report added, citing folks briefed on the talks.

The UK treasury division didn’t instantly reply to a Reuters request for remark exterior enterprise hours.

Sunak is anticipated to make the case that the Metropolis of London ought to be exempt from the plan when talks transfer to the G-20 subsequent month, the report added.

“Our place is we wish monetary companies firms to be exempt and EU nations are in the identical place,” the report quoted one British official as saying.

The US, Britain and different massive, wealthy nations reached a landmark deal final weekend to squeeze extra money out of multinational firms as they backed a minimal international company tax charge of no less than 15%.

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