Amazon, Google and Facebook will be hit hard by the G-7 tax deal. Here’s how they responded

cnbc2021-06-07

KEY POINTSThe G-7 backed a U.S. proposal that calls for corporations around the world to pay a minimum 15% tax on profits.The reforms, if finalized, would affect the largest companies in the world ...

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Comments

chillj
2021-06-08
chillj
Like and comment pls thanks!
J355
2021-06-08
J355
[Glance]
TSENR3
2021-06-08
TSENR3
Amazon like to drop to 3160, and Will bounce back up. Take note.
Chrissssy
2021-06-08
Chrissssy
That won’t stop us from investing! Like and comment please:)
- TSENR3:
  yeah! LIKE, comment and follow me pls
andrew123
2021-06-08
andrew123
So will all this big tech giant profit go down going forward? Plse like m comment
Dsd
2021-06-08
Dsd
Tech stocks
- Tatsuya:
  ...

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Here’s how they responded\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-07 19:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/06/07/g-7-tax-deal-amazon-google-and-facebook-respond-.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTSThe G-7 backed a U.S. proposal that calls for corporations around the world to pay a minimum 15% tax on profits.The reforms, if finalized, would affect the largest companies in the world ...</p>\n\n<a href=\"https://www.cnbc.com/2021/06/07/g-7-tax-deal-amazon-google-and-facebook-respond-.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GOOG","symbol_name":"谷歌","start_time":0,"source_url":"https://www.cnbc.com/2021/06/07/g-7-tax-deal-amazon-google-and-facebook-respond-.html","article_id":"1126396501","we_media_id":null,"thumbnails":[],"rights":{"source":"cnbc_highlight","url":"https://www.cnbc.com/2021/06/07/g-7-tax-deal-amazon-google-and-facebook-respond-.html","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.ArticleHeader-headline{#titleStyle#}a{#lv2TextColor#}.ArticleHeader-time, .Author-authorNameAndSocial a{#sourceStyle#;}","selectors":".PageBuilder-pageWrapper","filters":".ArticleHeader-eyebrow, .RelatedTags-relatedTags","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=1126396501","pubTimestamp":1623066356,"sourceInfo":{"source_id":"cnbc_highlight","name":"CNBC"},"weMediaInfo":null,"summary":"KEY POINTSThe G-7 backed a U.S. proposal that calls for corporations around the world to pay a minim","collect":0,"end_time":0,"defaultTopTitle":"cnbc.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A","AMZN":"亚马逊"},"translate_title":"亚马逊、谷歌和Facebook将受到七国集团税收协议的重创。以下是他们的反应","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMZN":0.9,"FB":0.9,"GOOG":0.9,"GOOGL":0.9},"content_text":"KEY POINTSThe G-7 backed a U.S. proposal that calls for corporations around the world to pay a minimum 15% tax on profits.The reforms, if finalized, would affect the largest companies in the world with profit margins of at least 10%.Amazon, Facebook and Google have all welcomed the historic agreement.The world’s biggest tech companies are facing a corporate tax avoidance crackdown after the Group of Seven most developed economies agreed a historic deal Saturday.The G-7 backed a U.S. proposal that calls for corporations around the world to pay a minimum 15% tax on profits. The reforms, if finalized, would affect the largest companies in the world with profit margins of at least 10%.Looking ahead, the G-7 hopes to achieve a wider agreement on the new tax proposals next month at a gathering of the expanded G-20 finance ministers.Asked whetherAmazonandFacebookwould be among the companies targeted by the proposal, U.S. Treasury Secretary Janet Yellen said she believes they would \"qualify by almost any definition.\"Here's how America's tech giants reacted to the news:AmazonAmazon said the agreement \"marks a welcome step forward\" in efforts to \"bring stability to the international tax system.\"\"We hope to see discussions continue to advance with the broader G20 and Inclusive Framework alliance,\" an Amazon spokesperson told CNBC by email.FacebookNick Clegg, Facebook's vice president for global affairs, welcomed the G-7 deal and said the social networking giant \"has long called for reform of the global tax rules.\"The agreement is a \"significant first step towards certainty for businesses and strengthening public confidence in the global tax system,\" Clegg tweeted Saturday.\"We want the international tax reform process to succeed and recognize this could mean Facebook paying more tax, and in different places.\"GoogleA spokesperson forGoogletold Sky Newsthat the company strongly supported the initiative and hoped for a \"balanced and durable\" agreement.Applewasn't immediately available for a comment on the G-7 agreement when contacted by CNBC.The tech tax debateTech giants have long been criticized for paying little in taxes despite their size. Amazon and other companies have been accused of avoiding tax by shifting revenue and profits through tax havens or low-tax countries. The companies insist they’re doing nothing wrong from a legal standpoint, which is why policymakers are calling for reforms.Amazon infamously paid no U.S. federal income tax in 2018, despite booking more than $11 billion in profits. The low tax bill stemmed largely from tax cuts in 2017, carryforward losses from years when the company wasn’t profitable, and tax credits for massive research and development investment and share-based employee compensation.Some countries, such as Britain, France and Italy, have introduced a digital services tax in an effort to rake in more cash from large tech firms. The aim was to implement a solution for the interim while global officials hash out details for international tax rules.But this has led to friction with the United States, which under President Donald Trump’s administration threatened to impose tariffs on French goods over the issue.Meanwhile, some analysts have argued the dealdoesn’t go far enough, while others said there was a long road ahead.George Dibb, head of the Centre for Economic Justice at the London-based Institute for Public Policy Research (IPPR), described the deal as a “major step forward,” but said there were still “big questions” surrounding the minimum tax level.“We would like to see something a lot closer to 25%,” he told CNBC Monday.“The Biden administration came into these negotiations with an opening offer of 21% but I think the big fight at the G-7 over Friday and Saturday was over the wording, about whether it would say ’15%′ or ‘at least 15%’ and because we have that wording now of ‘at least 15%’ the door is still open for negotiation,” he told Squawk Box Europe.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":117797829,"gmtCreate":1623160121261,"gmtModify":1704197350525,"author":{"id":"3577344631866072","authorId":"3577344631866072","name":"chillj","avatar":"https://static.tigerbbs.com/350006e6b5f3c651484dca470de926a4","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Like and comment pls thanks!&nbsp;","listText":"Like and comment pls thanks!&nbsp;","text":"Like and comment pls thanks!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/117797829","repostId":1126396501,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":117850963,"gmtCreate":1623131930752,"gmtModify":1704196727343,"author":{"id":"3575934256983383","authorId":"3575934256983383","name":"J355","avatar":"https://static.tigerbbs.com/bf4773397a05bfafd537c815b1b3cd0c","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"[Glance]&nbsp;","listText":"[Glance]&nbsp;","text":"[Glance]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/117850963","repostId":1126396501,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":117976342,"gmtCreate":1623115265486,"gmtModify":1704196343440,"author":{"id":"3584655084310997","authorId":"3584655084310997","name":"TSENR3","avatar":"https://static.tigerbbs.com/02c7cd50655930bda46aef01d6a5ad53","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Amazon like to drop to 3160, and Will bounce back up. Take note.","listText":"Amazon like to drop to 3160, and Will bounce back up. Take note.","text":"Amazon like to drop to 3160, and Will bounce back up. Take note.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/117976342","repostId":1126396501,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":117943087,"gmtCreate":1623114834049,"gmtModify":1704196322646,"author":{"id":"3581992421704233","authorId":"3581992421704233","name":"Chrissssy","avatar":"https://static.tigerbbs.com/670519b0df7f01f6802e6a220a6fc578","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"That won’t stop us from investing! Like and comment please:)","listText":"That won’t stop us from investing! Like and comment please:)","text":"That won’t stop us from investing! Like and comment please:)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/117943087","repostId":1126396501,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4625630,"gmtCreate":1623115287233,"gmtModify":1663228164531,"authorId":3584655084310997,"author":{"id":3584655084310997,"authorId":3584655084310997,"name":"TSENR3","avatar":"https://static.tigerbbs.com/02c7cd50655930bda46aef01d6a5ad53","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.02.15","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":117943087,"type":1,"supId":0,"prevId":0,"content":"yeah! LIKE, comment and follow me pls","text":"yeah! LIKE, comment and follow me pls","html":"yeah! LIKE, comment and follow me pls"}],"langContent":"EN"},{"id":114739974,"gmtCreate":1623104557898,"gmtModify":1704195961382,"author":{"id":"3576260758860416","authorId":"3576260758860416","name":"andrew123","avatar":"https://community-static.tradeup.com/news/f3e049e64de259e717c6e652c0aca653","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":5,"crmLevelSwitch":0},"htmlText":"So will all this big tech giant profit go down going forward? Plse like m comment","listText":"So will all this big tech giant profit go down going forward? Plse like m comment","text":"So will all this big tech giant profit go down going forward? Plse like m comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/114739974","repostId":1126396501,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":114474932,"gmtCreate":1623102055226,"gmtModify":1704195930643,"author":{"id":"3581036261146444","authorId":"3581036261146444","name":"Dsd","avatar":"https://static.tigerbbs.com/2a1957746498df0232ae53ac81018443","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Tech stocks","listText":"Tech stocks","text":"Tech stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114474932","repostId":1126396501,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4621421,"gmtCreate":1623102108761,"gmtModify":1663228146538,"authorId":3580746005297647,"author":{"id":3580746005297647,"authorId":3580746005297647,"name":"Tatsuya","avatar":"https://static.tigerbbs.com/9e704bb3e3180783f322dc964a67d550","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.01.30","exceedPercentage":"60.15%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":114474932,"type":1,"supId":0,"prevId":0,"content":"...","text":"...","html":"..."}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":343,"commentSize":212,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1126396501"}