G-7 leaders strike ‘historic’ deal to make tech giants pay fair share in taxes

Finance leaders from the world’s richest countries agreed on a plan that would require giant tech companies to pay at least 15% of their global profit in taxes, the UK treasury tweeted Saturday.

Meeting face-to-face in London ahead of next week’s Group of Seven summit, the finance ministers, including US Treasury Secretary Janet Yellen, struck a deal that would close cross-border tax loopholes and require global tech firms to pay a larger share of taxes, according to HM Treasury, the official account for the UK Government’s economic and finance ministry. The deal would also put in place measures to make sure companies pay taxes where they operate, Reuters reported.