Treasury refuses to back Biden push for minimum corporation tax
Treasury demands crackdown on US tech companies as price for supporting White House threshold
24 May 2021 • 8:00pm
Ministers are refusing to back a global overhaul of corporation tax championed by Joe Biden unless the White House supports their demands to crack down on US tech titans.
President Biden is thought to have won round most major Western nations in his bid to impose a global minimum threshold for corporation tax, to prevent companies from sheltering profits offshore.
However, sources said that Britain has not yet given the proposal its backing because the Government is pushing for strict rules that specifically target Silicon Valley titans such as Google.
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