G20 Finance Ministers to Cooperate on Rules for Closing Tech Tax Loopholes

Group of 20 finance ministers agreed to compile common rules to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes, a copy of the bloc’s draft communique obtained by Reuters showed. Facebook, Google, Amazon, and other large technology firms face criticism for cutting their tax bills by booking profits in low-tax countries regardless of the location of the end customer.