G-7 Nations Agree to Historic 15% Global Minimum Corporate Tax
The Group of Seven finance ministers back a landmark U.S. proposal to establish a 15% global minimum corporate tax. The reform targets the world's largest and most profitable multinational companies.
The finance ministers of the Group of Seven nations back a landmark U.S. proposal to establish a global minimum corporate tax of at least 15 percent. U.K. Finance Minister Rishi Sunak announces that this historic agreement aims to reform the global tax system to make it fit for the modern digital age.
This new tax framework specifically targets the largest multinational companies in the world that boast profit margins of at least 10 percent. By setting a minimum rate, the G-7 hopes to ensure that the right companies pay the right amount of tax in the right places.
U.S. Treasury Secretary Janet Yellen, who attends the face-to-face meetings in London, hails the move as a significant and unprecedented step forward. The agreement marks a major breakthrough after years of complex international discussions regarding global tax fairness.