G-7 Ministers Agree on Minimum 15 Pct Tax

Economy

London, June 5 (Jiji Press)--Finance ministers from the Group of Seven major industrial nations said Saturday that they have agreed to set the corporate tax rate at 15 pct or higher globally.

The G-7 countries "commit to a global minimum tax of at least 15 pct on a country by country basis," the ministers said in a joint statement issued after a two-day in-person meeting in London.

The seven countries' commitment adds momentum to the effort of the Group of 20 economies to reach agreement on a minimum tax rate at a meeting next month.

The ministers also said they have agreed to award taxing rights on at least 20 pct of profit exceeding a 10 pct margin for multinational enterprises to market countries.

The statement also said the G-7 countries "commit to sustain policy support as long as necessary" to ensure a strong, sustainable, balanced and inclusive global recovery from the COVID-19 pandemic.

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