At a meeting of finance ministers in London on Saturday, the G7 countries agreed to set the global minimum corporate tax rate at at least 15% in order to curb the efforts of large multinational corporations to pay as little tax as possible.
“I am pleased to announce that, after years of discussions, G7 finance ministers have reached a historic agreement to reform the global tax system to bring it into the global digital age,” said British Finance Minister Rishis Sunak, thanking colleagues.
According to him, this will help ensure that “the right companies will pay the right taxes in the right places.”
“This is very good news in terms of justice and fiscal solidarity, but bad news for tax havens,” said German Finance Minister Olaf Scholz. “Companies will no longer be able to evade their fiscal obligations by cunningly transferring profits to countries with a non-transparent tax structure.”
The finance ministers of the G7 countries – the United States, Britain, Canada, France, Germany, Italy and Japan – are taking part in the meeting in London.
According to a ministerial statement issued on Saturday, a final agreement on this issue is expected at the G20 ministerial meeting in July.
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