BORIS Johnson is under pressure to join a US-led global tax crackdown on rich companies.
Britain is the only G7 country not to back US President Joe Biden’s plan – even though the Prime Minister will preside over the summit due to discuss it in Cornwall next month.
It would hike the UK’s current 18% corporation tax rate to 21%, hitting online giants like Amazon and similar hi-tech multinational firms.
And Labour says the extra £13.5bn raised for government coffers could be used to fund health, the public sector and boost local communities.
France, Canada, Germany, Italy and Japan have all indicated support for the presidential plan, which would see a 21% minimum tax worldwide.
This story is from the May 23, 2021 edition of The Sunday Mirror.
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This story is from the May 23, 2021 edition of The Sunday Mirror.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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