G20 agrees to close gaps used by global tech giants to cut corporate taxes

Facebook, Google, Amazon, and other large tech cos face criticism for cutting their tax bills by booking profits in low-tax countries regardless of the location of the end customer

Group of 20 finance ministers agreed on Saturday to compile common rules to close loopholes used by global tech giants such as Facebook to reduce their corporate taxes, a copy of the bloc's draft communique obtained by Reuters showed.

Facebook, Google, Amazon, and other large technology firms face criticism for cutting their tax bills by booking profits in low-tax countries regardless of the location of the end customer. Such practices are seen by many as unfair.

The new rules would mean higher tax burdens for large multinational firms but would also make it harder for countries like Ireland to attract