U.K.’s Sunak Isn’t Convinced on Biden’s Global Business Tax Plan
- Chancellor’s team concerned 21% is too high for minimum rate
- U.K. wants to tackle profit-shifting by digital giants
Rishi Sunak
Photographer: Dan Kitwood/Getty Images
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British officials aren’t convinced by President Joe Biden’s plan for a global minimum business tax rate of 21%, drawing accusations of “evasion and sophistry” from tax justice campaigners.
Chancellor of the Exchequer Rishi Sunak and his team are concerned the rate may be too high over the long term, even though the U.K. intends to raise its corporation tax to 25% in 2023 to repair public finances after the pandemic.