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Ability to pay minimal tax bills. today, the finance ministers of the seven leading economies, the g7, hit back with an historic deal brokered by the chancellor rishi sunak. i'm delighted to announce that today after years of discussion, g7 finance ministers have reached a historic agreement to reform the global tax system, to make it fit for the global digital age but crucially to make sure it is fair, so that the right companies pay the right tax in the right places. they agreed to the principle of a global minimum corporation tax of at least 15%. as well as rules to make the largest compani...

Where they declare their profits. the us had initially wanted a higher minimum rate of 21%. we do hope that countries will be ambitious and the agreement is at least 15%, so we have yet to set the final rate. the chancellor acknowledged that the deal would mean individual digital services tax, including the uk's, would have to go, but it is unclear when. the proposals must now go to the wider g20 group, including china, russia and brazil, then the rest of the world. the german finance minister hailed today as an important step, even if difficult conversations lay ahead with countries whose tax...

Than 10% pay more tax in countries where sales are made, notjust where they declare their profits. the us had initially wanted a higher minimum rate of 21%. what do you say to those campaigners who say 15% isn't really going to be the tra nsformative change? we have yet to set the final rate. there is an agreement amongst the g7, though, to go for at least 15%, and i do think that is an historic achievement. alongside the power to tax some local sales, the uk, foryears, campaigners and european finance ministers wanted this change but it was unthinkable, up until a few months ago. it's the pan...

Rishi Sunak is pushing the United States to agree to tougher rules on the tax paid by tech giants as part of a global corporation tax overhaul. Finance ministers from the G7 will meet this week to thrash out the biggest reforms to global tax rules in a generation in a bid to ensure multinational companies pay their fair share. President Joe Biden has proposed a minimum global corporation tax rate of 15pc as well as new rules forcing the world's largest 100 companies to pay taxes based on the location of their customers, rather than where they book profits. The plans are aimed to preventin...