G7 nations hopeful of 'historic' corporate tax deal

From Left, European Commissioner for Economy Paolo Gentiloni, Eurogroup President Paschal Donohoe, President of the World Bank David Malpass, Italy's Economy and Finance Minister Daniele Franco, France's Economy and Finance Minister Bruno Le Maire, Canada's Finance Minister Chrystia Freeland, Britain's Chancellor of the Exchequer Rishi Sunak, Managing Director of the IMF Kristalina Georgieva, Germany's Finance Minister Olaf Scholz, US Treasury Secretary Janet Yellen, Secretary-General of the Organisation for Economic Co-operation and Development (OECD) Mathias Cormann, and Japan's Finance Minister Taro Aso pose for a family photoon the second day of the G7 Finance Ministers Meeting, at Lancaster House in London

Finance ministers from wealthy G7 nations were Saturday expected to formally announce support for a minimum level of corporate tax in a landmark move aimed at getting multinationals -- especially tech giants -- to pay more into pandemic-hit government coffers. According to a draft communique seen by AFP, the finance chiefs and central bankers of the world's seven richest nations will express ‘strong support’ and a ‘high level of ambition’ over the US-backed tax plans. ‘If we have an agreement... it will be a historic step forward,’ French economy minister Bruno Le Maire told journalists Friday following the first of two days of talks. It would then be expected to go before the expanded Group of 20 at their finance meeting in July.