G-7 agrees to 'Historic' Global Minimum Corporate Tax Rate

On 5th June, 2021, finance ministers from the G7 nations reached a landmark – backing the creation of a global minimum corporate tax rate of at least 15%, an agreement that could then form the basis of a worldwide deal.

  • The decision was taken at the G7 Leaders' Summit held from 11-13 June, 2021 - hosted by the United Kingdom.
  • They also agreed in principle to ratify a global minimum corporate tax rate to counter the possibility of countries undercutting each other to attract investments.
  • The deal involving the US, the UK, Germany, France, Canada, Italy and Japan, is likely to be ....
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