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Let’s come together to tax tech giants, say G20 officials eyeing $100 billion boost – Source Reuters Tech News

RIYADH (Reuters) – Leading world economies must show unity in dealing with aggressive “tax optimization” by global digital giants like Google (GOOGL.O), Amazon (AMZN.O) and Facebook (FB.O), G20 officials said on Saturday.

FILE PHOTO: The Facebook logo is displayed on a mobile phone in this picture illustration taken December 2, 2019. REUTERS/Johanna Geron/Illustration – RC2OND9JJLZ0/File Photo

Global rules are being developed by the Organisation for Economic Cooperation and Development (OECD) to make digital companies pay tax where they do business, rather than where they register subsidiaries. The OECD says this could boost national tax revenues by a total of $100 billion a year.

The call for unity appeared mainly directed at the United States, home to the biggest tech companies, in an attempt to head off any stalling on the rules until after the U.S. presidential election in November.

“There is no time to wait for elections,” German Finance Minister Olaf Scholz told a tax…

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Source Reuters Tech News

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