The Group of Seven rich nations agreed on Saturday to commit to a global minimum corporate tax of at least 15% on a country by country basis. Below are the details of the agreement, according to the wording of a final communique seen by Reuters:
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Britain s Chancellor of the Exchequer Rishi Sunak speaks at a meeting of finance ministers from across the G7 nations ahead of the G7 leaders summit, at Lancaster House in London, Britain June 4, 2021. Stefan Rousseau/PA Wire/Pool via REUTERS
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Group of Seven rich nations will seek to overcome long-standing differences on Saturday and strike a landmark deal to close the net on large companies that they say do not pay enough tax.
The proposed accord, which could form the basis of a global pact next month, is aimed at ending a decades-long race to the bottom in which countries have competed to attract corporate giants with ultra-low tax rates and exemptions.