G7 nations reach historic deal to tax world`s biggest multinational companies

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.

London: A group of the world`s richest nations reached a landmark deal on Saturday (June 5) to close cross-border tax loopholes used by some of the world`s biggest companies. The Group of Seven said it would back a minimum global corporation tax rate of at least 15%, and put in place measures to ensure taxes were paid in the countries where businesses operate. "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," British finance minister Rishi Sunak told reporters.