UK’s backing of global corporate tax contingent on White House’s support on cracking down on US tech giants: UK Treasury

A report from The Telegraph stated, the UK treasury may back a global overhaul of corporate tax as outlined by U.S. President Joe Biden if the White House supports its demand to crack down on U.S. tech giants.

Britain has yet to back Biden’s proposal as is pushes for enforcing strict rules that target Silicon Valley titans giants including Alphabet Inc’s Google and Facebook Inc , said the report citing the sources.

“We’re not going to rush to sign up without a proper, more detailed deal on where tech companies pay their tax, something that you’re confident can be pushed through Congress,” said a source from the Treasury.

The Treasury Department did not immediately respond to requests for comments.

 “It’s crucial that any agreement ensures digital businesses pay tax in the UK that reflects their economic activities,” said a spokesman for British Prime Minister Boris Johnson’s office.

European states including like France, Italy and Germany have backed the U.S. proposal saying it was a good basis for sealing an international deal by July 2021.

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