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We will push for a vote over support for U.S. minimum corporation tax plan, Britain's main opposition Labour Party said

FILE PHOTO: British opposition Labour Party leader Keir Starmer debates Prime Minister Boris Johnson behind protective glass during question period at the House of Commons in London, Britain April 28, 2021. UK Parliament/Jessica Taylor/Handout via REUTERS
Britain's main opposition Labour Party said it will push for a vote in parliament on Monday over support for U.S. plans to introduce a global minimum corporation tax rate.
The U.S. Treasury Department earlier this week said it would accept a floor of at least 15% during international negotiations, a rate significantly below its proposed 21% minimum for U.S. multinational firms.
The Biden administration's proposed Global Intangible Low-Taxed Income tax (GILTI) rate of 21%, aimed at capturing revenue shifted by companies to tax-haven countries, was widely viewed as a starting point for renewed OECD talks on a global minimum tax.
While France and Germany backed 21%, other countries have pushed for a lower rate, as previous OECD discussions on the subject had centred around 12.5%, the same rate charged by Ireland.
Britain will raise its main corporation tax rate to 25% from 19% in 2023, finance minister Rishi Sunak announced earlier this year.
Labour is tabling an amendment to the Finance Bill.
"This global pact will bring in extra tax benefitting Britain, while stopping huge multinationals and online giants from undercutting our businesses," said Labour finance spokeswoman Rachel Reeves.
Britain's finance ministry has said reaching an international agreement on how large digital companies are taxed "is a priority" and that "we welcome the U.S.’ renewed commitment to tackling the issue and agree that minimum taxes might help to ensure businesses pay tax".
"However, it also matters where the tax is paid and any agreement must ensure digital businesses pay tax in the UK that reflects their economic activities."
(Reporting by Costas Pitas; Editing by Jan Harvey)
Reuters, May 24, 2021/4:52 AM EEST
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Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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