Chancellor pushes for international action on tax rules for the digital era

Friday June 7th, 2019

World leaders must follow the UK’s lead and work together to ensure global tax rules keep up with the times, the Chancellor will stress at a meeting of Finance Ministers from major economies around the world in Fukuoka, Japan (7 June).Philip Hammond

The digital revolution has transformed how we do business, but the international corporate tax system is outdated, the Chancellor will say during the meeting of G20 Finance Ministers and Central Bank Governors. He will also outline the benefits brought by digitalisation to the UK economy and beyond, but warn that a plan needs to be agreed to tackle the way tech multi-nationals are taxed, because change is too slow.

Chancellor of the Exchequer, Philip Hammond said:

“Britain’s future outside the EU depends on the strong partnerships we build with our friends and neighbours across the world.

“In Japan, I will further strengthen our successful economic relationship by showcasing how we’re embracing the new economy and champion our world-class expertise in tackling the challenges posed by the digital revolution. I will also meet with my G20 counterparts to reaffirm the need for global reform of the international corporate tax framework, to ensure it is fit for the future.”

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