G7 nations have committed to a minimum global corporate tax of at least 15 percent on a country by country basis
Group of Seven rich nations have agreed to commit to a global minimum tax of at least 15 percent on a country by country basis.
The agreement will create a level playing field for companies around the world, British finance minister Rishi Sunak said. Sunak on Friday chaired the first of two days of meetings, held in person after an easing of Covid-19 restrictions and attended by counterparts from Canada, France, Germany, Italy, Japan and the United States.
Corporate tax is one of two pillars in efforts for global fiscal reform, the other being a "digital tax" to allow countries to tax the profits of multinationals headquartered overseas. According to a draft communique seen by AFP, ministers also plan to commit to "sustain policy support", or stimulus, for "as long as necessary" to nurture economic recovery, while addressing climate change and inequalities in society.The thorny topic of the regulation of digital currencies such as bitcoin will also be on the agenda.
Proponents argue that a minimum tax is necessary to stem competition between countries over who can offer multinationals the lowest rate.
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