Taxes

Financial Firms Poised to Be Exempt From New Global Tax Rules

OECD talks said to accept U.K. proposal for bank exemption
U.K. Chancellor Sunak had proposed carve-out for firms

City of London Skyscraper Race Leaves Rest of Square Mile Behind — Photographer: Jason Alden/Bloomberg

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By Alex Morales and Laura Davison

June 30, 2021 at 6:57 PM UTC

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Financial-services companies are set to be exempt from a global plan to make multinational firms pay more tax to the countries where they operate, in a win for U.K. Chancellor of the Exchequer Rishi Sunak.