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UK refuses to back Biden push for minimum corporation tax – The Telegraph By Reuters

© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks earlier than a ceasefire agreed by Israel and Hamas was to go into impact, throughout a quick look within the Cross Hall on the White House in Washington, U.S., May 20, 2021. REUTERS/Jonathan Ernst

(Reuters) – The UK treasury is refusing to back a world overhaul of corporation tax championed by U.S. President Joe Biden except the White House helps its demand to crack down on U.S. tech titans, The Telegraph https:// reported on Monday, citing treasury sources.

Britain has not but given the proposal its backing as it’s pushing for strict guidelines that particularly goal Silicon Valley titans reminiscent of Alphabet (NASDAQ:) Inc’s Google and Facebook Inc (NASDAQ:) , the report added, citing the sources.

“We’re not going to rush to sign up without a proper, more detailed deal on where tech companies pay their tax, something that you’re confident can be pushed through Congress,” a Treasury supply instructed the paper.

The UK treasury division didn’t instantly reply to Reuters’ request for remark.

Earlier within the day, Britain welcomed the United States’ dedication to discovering an answer, however didn’t remark particularly on the U.S. proposal.

“It’s crucial that any agreement ensures digital businesses pay tax in the UK that reflects their economic activities,” a spokesman for Prime Minister Boris Johnson had mentioned.

Other European states like France, Germany and Italy have supported the U.S. proposal for a world minimum company tax charge of at the very least 15%, saying it was a superb foundation for sealing a world deal by July.

U.S. Treasury Secretary Janet Yellen first proposed a 21% U.S. company minimum tax in April as a part of Biden’s $2.2 trillion infrastructure spending proposal, which might be financed largely by growing the U.S. company tax charge to 28%.

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