G7 finance ministers agreed to a global minimum corporate tax rate of 15% over the weekend. The agreement comes ahead of further discussions with G20 and other nations and would require implementation within each member nation.
More context: The decision was largely viewed as a response to some multinational corporations assigning profits to subsidiaries in nations with lower tax rates.
Extra: As part of the agreement, member nations also agreed to remove existing digital services taxes.
The New Paper
This story is from the June 7, 2021 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.