Amazon and Facebook to fall under new G7 tax rules

Facebook said it welcomed the progress made by the Group of Seven on a minimum tax rate and accepts this could mean the social network pays more tax, and in different places.

Both Amazon and Facebook will fall under new proposals for a global minimum corporation tax agreed by the Group of Seven on Saturday, United States Treasury Secretary Janet Yellen said.

The joint statement by G7 finance ministers earlier on Saturday said it would tackle tax avoidance by "the largest and most profitable multinational enterprises".

Amazon has lower profit margins than most other tech companies, and European countries had been concerned it would escape extra taxation under initial U.S. proposals to the G7.

Facebook welcomes the progress made by the Group of Seven on a minimum tax rate and accepts this could mean the social network pays more tax, and in different places, its head of global affairs Nick Clegg said on Saturday.

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