UK’s Sunak says international tax reform is within grasp

FILE PHOTO: Britain’s Chancellor of the Exchequer (finance minister) Rishi Sunak attends a virtual press conference inside 10 Downing Street in central London, Britain March 3, 2021. Tolga Akmen/Pool via REUTERS

LONDON (Reuters) – British finance minister Rishi Sunak said on Tuesday that he thought reform of the international tax system to reflect the digital world was possible through the co-operation of major world economies.

“I think that a solution is within our grasp,” Sunak said at an online event with Italian economy minister Daniele Franco hosted by Bloomberg.

He added that a solution would show the value of multilateralism and allow Britain to cancel a digital services tax which affects major U.S. tech companies such as Amazon, Google and Facebook.

Britain and Italy are the current chairs of the Group of Seven and Group of Twenty major global economies respectively.

Reporting by David Milliken and Andy Bruce