G7: Rich nations back deal to tax multinationals
G7 finance ministers have agreed to work together to create a “level playing field” on global taxation.
The G7 group of advanced economies has reached a “historic” deal to make multinational companies pay more tax.
Finance ministers meeting in London agreed to battle tax avoidance by making companies pay more in the countries where they do business.
They also agreed in principle to a global minimum corporate tax rate of 15% to avoid countries undercutting each other.
Tech giants such as Amazon and Google could be among those affected.
It was reported this week that an Irish subsidiary of Microsoft had paid zero corporation tax on $315bn (£222bn) profit last year because it was resident in Bermuda for tax purposes.