The City of London and Switzerland are aiming to mitigate the effects of the global-minimum tax plan agreed to by the wealthy nations that make up the G7.
Last Saturday, G7 finance ministers meeting in London agreed to a global corporate minimum tax of 15%, which companies would need to pay in each country where they operate.
Many companies register themselves in countries with favorable tax rates, like Ireland and Switzerland. The G7 plan is an attempt to impose extra costs on that practice.
Activists have long complained that companies like Google, Amazon, and Facebook avoid paying millions in tax due to their use of tax havens.
But the City of London and Switzerland are already working to ensure they don't get badly hit by the minimum tax rate, as they fear it will make their financial districts less attractive.
The central Swiss government has discussed ways to offset the G7's minimum tax rate with the 26 Swiss cantons, according to the Financial Times.