G7 Global Tax Agreement

Lord Suri Excerpts

Tuesday 8th June 2021 Lords Chamber

[Baroness Penn (Con)]

My Lords, a global minimum rate of 15% will protect against multinational tax avoidance while leaving appropriate room for countries to use corporation tax as a lever to support their economic, fiscal and environmental objectives.

[Lord Suri (Con) [V]]

My Lords, given that there is more work to do to agree the details of this tax agreement, it is only right to remove the digital services tax once the new agreement is finalised and in place.

[Baroness Penn (Con)]

My Lords, I can reassure a number of noble Lords that the noble Lord is correct that we will be removing the digital services tax only once we have full agreement and a plan for the implementation of a new international system. That is the position of the UK and it is supported by several other countries in the negotiations, such as France and Canada.