Read more about Historic global corporate tax deal nears as G-7 seeks agreement on tech on Business Standard. Finance ministers of the bloc close in on a deal to jointly support a minimum corporate tax rate of at least 15%.
The world’s richest governments enter a second day of talks in London seeking to pave the way toward a historic rewrite of the code for business. Finance ministers from the Group of Seven nations ended Friday closing in on a deal to jointly support a minimum corporate rate of at least 15% when broader negotiations resume. That would signal an end to decades of countries racing each other to lower levies. Differences remained on how to treat technology companies as part of a related effort to force multinationals to pay more in the places they operate. President Joe Biden’s administration is wary of American tech giants such as Facebook Inc. and Amazon.com Inc. getting unduly singled out. U.S. Treasury Secretary Janet Yellen, U.K. Chancellor of the Exchequer Rishi Sunak and their G-7 counterparts are set to release a statement after discussions end. Whatever they agree will set an important marker for upcoming talks with most of the world’s countries, some of whom, like Ireland, benefit from boasting low-tax havens.
