G20 members have agreed on the need for an international regime on the taxation of multinational tech companies such as Facebook and Google.
The agreement on developing the regime is the first step towards imposing higher taxes on tech companies including Microsoft, Apple, Amazon and Alphabet.
New proposals to address "the tax challenges arising from the digitalisation of the economy" were published on Sunday and members agreed to agree on them by 2020.
The key aim of the proposals is to see companies which make money online pay more tax in the jurisdictions where the money is made, even if they don't have a physical presence there.
Companies which continue to route their profits through tax havens could be targeted with a global minimum tax rate.
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In both the UK and France, the governments have planned to introduce digital services taxes based on domestic sales rather than business profits.
But the US treasury secretaryRead More – Source
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