Finance ministers from the Group of Seven industrialized nations agreed Saturday on a global minimum corporate tax rate of at least 15% to keep multinationals from shifting profits overseas, paving the way for a more inclusive consensus involving over 100 economies.
The G7 finance chiefs also committed to set new rules to enable governments to impose duties according to where multinational firms make sales, not where they have a physical presence, they said in a statement released after wrapping up a two-day meeting in London. About 100 companies — mainly U.S. firms — are likely to be affected, Finance Minister Taro Aso said at a news conference after the talks.
British Chancellor of the Exchequer Rishi Sunak, the chair of the G7 meeting, said in a video message posted on Twitter that the G7 nations have reached a "historic" agreement to reform the global tax system "so that the right companies pay the right tax in the right places."