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The City’s set to be exempted from the OECD’s global tax levy: Here’s what that means

An exemption would mean the UK would peel back its own digital tax aimed at US tech giants like Amazon, Google and Facebook

Thursday 1 July 2021 at 08:55

Chancellor Rishi Sunak has secured a victory at OECD talks in Paris
Chancellor Rishi Sunak has secured a victory at OECD talks in Paris Photo: Getty Images

The UK looks likely to obtain an exemption for the largest banks from paying a global corporate tax levy, that’s aimed at multinationals to ensure they pay taxes wherever they make profits. 

At OECD talks underway in Paris, Rishi Sunak has secured a victory, according to the Financial Times. This would mean the UK would peel back its own digital tax aimed at US tech giants like Amazon, Google and Facebook.