G20 to tighten tax rules for big tech firms
Finance ministers agree to close loopholes that allow Google, Amazon, Facebook and Apple to use tax havens to declare incomes
Tokyo — Group of 20 finance ministers agreed on Sunday to compile common rules to close loopholes used by global tech companies such as Facebook to reduce their corporate taxes.
Facebook, Google, Amazon and other large technology companies face criticism for reducing their tax bills by booking profits in low-tax countries regardless of the location of the end customer. Such practices are seen by many as unfair.