UK Members of Parliament have rejected a proposed amendment to the Finance Bill from the opposition Labour Party regarding global minimum tax. Voted down by 364 votes to 261, a new Clause 23 would have required a review of the impacts of a global minimum rate of corporation tax as follows:
- The Chancellor of the Exchequer must, within six months of the passing of this Act, publish a review of the impact on corporation tax revenues for the financial years 2022 and 2023 of a global minimum rat…