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Dear <<First Name>>

You wrote to your MPs, you spread the word, you supported us and you prayed – and on Saturday 5th June a historic deal was done to set a global minimum corporate tax rate. There are many problems with the deal, but that should not detract from the significance of what has been agreed by the G7.

The reality is that for the last thirty years or so, we have seen a continuous decline in global corporate tax rates and a growth in tax havens around the world. The behaviour of multinationals in shifting their profits to these havens has cost national governments hundreds of billions of pounds each and every year.

That trend was halted by the G7 agreement last Saturday. On one estimate, the deal will generate several hundred billion dollars for national governments to use for their public services. In the UK alone, it may bring in as much as £8 billion that could easily be used to pay for the extra school tuition needed because of covid.

We can all rightly be proud of the small part we might have played in bringing this about. Specifically, it was very clear that Rishi Sunak did not intend to set a global minimum rate ahead of the summit, but something changed, and I like to think that your letters to more than 200 MPs might have played some small part. So thank you.

But having said that, the deal is definitely not perfect. In last week’s newsletter, I set out three tests. We wanted a global minimum rate of at least 21%, we got 15%. We wanted a fair distribution of taxing rights to poorer countries, we did not get that. We wanted an end to tax dodging by large multinationals – we did get that, or at least an agreement that will see that come to pass.

There is then much more work to be done. In particular, ahead of the G20 in July, when the deal will be discussed and refined further, we need to continue to put pressure on our government and the global community so that a much fairer deal is reached, especially one that allocates greater taxing rights to lower income countries – as it is they who have lost out especially in the G7 agreement (see our blog on this here).

So well done everyone for getting this far, but we need to keep going. If you can help support us financially with that, please consider donating to our work here.


And finally, if you marked Tax Justice Sunday in any way in your church last week, could you please let us know what you did as it helps greatly with our funders to be able to show them the reach we are achieving. If you couldn’t show our Tax Justice Sunday video last weekend, you can do so on any Sunday that is appropriate.

Every Blessing

Justin

Copyright © 2020 Justin Thacker, All rights reserved.
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Contact:
Justin Thacker

Director, Church Action for Tax Justice
Justin.thacker@catj.org.uk
www.catj.org.uk
Twitter: @ChuActTaxJust
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Justin Thacker
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Justin Thacker · 1 Lancelot Close · Chesterfield, Derbyshire S40 3ET · United Kingdom

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