© Reuters. FILE PHOTO: A general view of Canary Wharf financial district in London, UK April 25, 2021. The picture was taken with a drone on April 25. REUTERS / Kevin Coombs
(Reuters) – UK Treasury Secretary Rishi Sunak is pushing for the City of London to be exempted from a new global minimum corporate tax system championed by the Group of Seven (G7) economies, the Financial Times reported Tuesday.
An official close to the talks said the UK was among countries pushing for "financial services exemption" over fears that global banks headquartered in London could be affected, the report said https: / /on.ft.com/3zdHqtV.
Sunak raised the issue at the G7 talks in London, adding the report and quoting people who were briefed on the talks.
Sunak is expected to argue that the City of London should be exempted from the plan if talks move to the G-20 next month, the report added.
"Our position is that we want financial services companies to be exempted and EU countries are in the same position," the report quoted a UK official as saying.
The United States, Britain and other big, rich nations reached a landmark agreement last weekend to squeeze more money out of multinational corporations as they supported a minimum global tax rate of at least 15%.
"The global tax treaty, supported by the G7 finance ministers, reforms the global tax system to make it fit for the global digital age and to create a level playing field for all types of companies," said a spokesman for the finance ministry.
"The agreement will now be discussed in more detail at the meeting of G20 finance ministers and central bank governors in July," added the spokesman.
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