Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to President Biden's proposed fiscal policies, if he will support a global corporation tax plan.

OECD proposals to update the international tax framework have been under negotiation for a number of years and the UK has been at the forefront of these talks.

A global minimum tax (Pillar 2) is an important part of the package being developed by the OECD.

The Government supports agreement on a global minimum tax. It is also crucial that this is agreed alongside changes to profit allocation rules (Pillar 1). Pillar 1 is needed to ensure that large digital businesses pay more tax in the UK, commensurate with their economic activities.

The final agreement is still subject to international negotiation and it would not be appropriate for the Government to provide a detailed commentary on its approach to these discussions.