G7 Global Tax Agreement

Viscount Younger of Leckie Excerpts

Tuesday 8th June 2021 Lords Chamber

[Lord McKenzie of Luton (Lab) [V]]

My Lords, the global tax agreement is to be welcomed, despite inevitably leaving some unanswered questions. As we know, the agreement was struck among the G7—generally the most sophisticated and prosperous of Governments, with more developed tax systems. The tax avoidance industry has yet to be put loose on the detailed proposals to see how resilient they are. Concerns have already been expressed about a loophole being identified, with minimum tax applying only to profits exceeding a margin, and different business models—

[Viscount Younger of Leckie (Con)]

Can the noble Lord please put his question?

[Lord McKenzie of Luton (Lab) [V]]

I am sorry. The question is: so far as further implementation is concerned, what support will be given by the sophisticated economies to the less sophisticated, which might struggle with some of this?