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European finance ministers urged to stop global tax abuse

The European finance minister has urged to stop global tax abuse by multinational companies.

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The European finance minister has urged to stop global tax abuse by multinational companies.

The demand was put during the meeting of all G7 countries. Countries like France, Germany, Spain, and Italy were criticized for tax evasion, in an attempt to revive their economy during the pandemic. The meeting of all G7 countries will have another meeting in the coming month. It will pave the way for the deal between China, India, and Brazil for the discussion of global issues. 

Talks between G7 leaders are understood to be delicately balanced as they seek to hammer out a transformative deal to bring an end to tax avoidance by multinationals and big technology companies using tax havens to exploit loopholes in the global system. The move was taken by the US to ensure the collection of tax from the big companies to generate revenue and secondly setting a standard of minimum corporate tax. 

However, the chancellor, Rishi Sunak, has moved closer in recent days to back the Washington plan while insisting it must be coupled with a deal that would raise more tax from US tech giants operating in Britain.

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