Sat 05 June 2021:
The Group of Seven (G7) agreed on Saturday to reform the global tax system to make multinationals and tech giants such as Amazon and Google pay higher fiscal contribution in countries where they do business, UK Finance Minister, Rishi Sunak announced at the end of a two-day meeting in London.
“I’m delighted to announce that G-7 finance ministers today, after years of discussions, have reached a historic agreement to reform the global tax system to make it fit for the global digital age and crucially to make sure that it’s fair, so that the right companies pay the right tax in the right places,” Sunak said in a video message posted on Twitter.
In a statement, the bloc made of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States said the seven richest economies had committed to a global minimum tax of a least 15 percent on a country by country basis that would help government recover from the impact of the COVID-19 pandemic.
The G7 finance ministers also said they expected the broader G20 group would support their proposed global tax reform at a summit to be held in Italy next month.
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