According to a report by Reuters, on Sunday, G20 finance ministers agreed to compile common rules to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes. Facebook, Google, Amazon and other large technology companies have reportedly faced criticism for reducing their tax bills by booking profits in low-tax countries regardless of the location of the end customer. Reuters reports that the new rules could mean higher taxes for large multinational companies but would also make it harder for other countries to attract foreign direct investment with the promise of ultra-low corporate tax rates. Japanese Finance Minister Taro Aso, who chaired the G20 meetings, reportedly said, “At the moment we have two pillars and I feel we need both pillars at the same time for this to work. The proposals are still a little vague, but they are gradually taking shape.”

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