G7 finance ministers agree global minimum tax of at least 15%

Group of Seven rich nations agreed on Saturday to commit to a global minimum tax of at least 15% on a country-by-country basis.

“We commit to reaching an equitable solution on the allocation of taxing rights, with market countries awarded taxing rights on at least 20% of profit exceeding a 10% margin for the largest and most profitable multinational enterprises,” a communique from G7 finance ministers seen by Reuters said.

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“We will provide for appropriate coordination between the application of the new international tax rules and the removal of all Digital Services Taxes, and other relevant similar measures, on all companies.”