The G7 has agreed on a global minimum corporate tax

The group of the most developed countries in the world, the G7, has concluded a groundbreaking agreement on corporate taxation. Its goal is to pay for the legal tax gaps used by some large multinational corporations. The G7 will support a minimum global corporate tax rate of 15% and take steps to ensure that companies pay taxes in the countries where they do business. "I am pleased to announce that G7 finance ministers have reached a historic agreement today after years of discussions to reform the global tax system to adapt it to the global digital age," said British Finance Minister Rishi Sunak. He added that the reform is to ensure fair taxation of companies, ie that companies pay fair taxes in the right places. The agreement should be the basis for a global agreement and should end the race between states, which have often reduced corporate taxes and offered tax exemptions in an effort to attract large corporations. As a result, they lack budgets for the hundreds of billions of dollars they now need to repay the huge expenditures used to stimulate economies during the corona crisis. G7 finance ministers met live in London for the first time since the onset of the COVID-19 pandemic. According to a copy of the final agreement available to Reuters, G7 finance ministers have pledged to enforce a minimum corporate tax rate of 15% and to reach a fair solution to the distribution of tax rights in the taxation of large multinational companies. Ministers also agreed to take steps to further standardize the declaration of companies' environmental impacts so that investors can more easily decide whether to finance them.