Canada to tax tech giants as planned despite framework G7 tax deal, says Freeland

Video: G7 Finance Ministers Wrangle Over Global Tax (Bloomberg)

G7 Finance Ministers Wrangle Over Global Tax

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Canada is proceeding with its plan to tax technology giants next year even as the world’s wealthiest democracies proposed a new global tax framework that includes plans to impose a levee on the firms, federal Finance Minister Chrystia Freeland said Saturday. 



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Her remarks came following a meeting of G7 finance ministers, who hammered out details of the possible global taxation plan during talks held in London. 

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The Group of Seven wealthy democracies agreed to support a global minimum corporate tax of at least 15 per cent to deter multinational companies from avoiding taxes by stashing profits in low-rate countries. They also endorsed proposals to make the world’s biggest companies — including U.S.-based tech giants — pay taxes in countries where

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G7 nations ‘just one millimetre’ from historic tax deal

Some of the world’s richest nations are within touching distance of a historic deal to close the net on large companies which do not pay their fair share of tax, France and Germany said on Friday after a day of talks in London.

Finance ministers from the Group of Seven rich nations are meeting in person for the first time since the start of the COVID pandemic, after U.S. President Joe Biden’s administration gave fresh impetus to stalled global tax talks this year.

Rich nations have struggled for years to agree a way to raise more tax from large multinationals such as Google, Amazon and Facebook, which often book profits in jurisdictions where they pay little or no tax.

“We are just one millimetre away from a historic agreement,” French Finance Minister Bruno Le Maire told the BBC.

German Finance Minister Olaf Scholz said he was “absolutely confident” that there

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Sustainable Finance Sees Big-Tech Boom After Record Google Deal

(Bloomberg) — Technology giants may join the rush to sustainable finance after this week’s record bond sale from Google parent Alphabet Inc. Issuance aligns with growing investor focus on social and environmental matters, and it’s being done at very low rates.

“You’re going to see tech companies continue to follow this model,” said Scott Kimball, a portfolio manager at BMO Global Asset Management, which manages about $100 billion in fixed income assets. “Google is a leader in technology and they were able to raise a lot of money pretty cheap.”

Companies from a wide variety of sectors are expected to offer bonds to investors focused on environmental, social and governance themes this year. The tech sector is expected to be a major participant amid growing scrutiny of its social impact given its dominance in the global economy, as well as its focus on renewable energy.

Alphabet sold $10 billion of

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