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G7 leaders agree on corporate minimum tax

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G7 strikes deal

G7 strikes deal

G7 finance ministers in London agreed on the outline of a global deal on taxation that would set a floor for corporate rates around the world. The group will now take the deal to the G20, where an agreement could come as soon as next month.

The agreement is no surprise. Leaders have been pushing for a deal that would stop global firms — particularly tech firms — from shifting profits to tax havens to avoid taxes. Instead, they will aim to make them pay where they operate.

The plan sets a 15% minimum rate and covers digital tax.

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