Finance Ministers of G 7 nations signed a landmark agreement for the imposition of a global minimum corporate tax rate of at least 15% at the G 7 Leaders' Summit held from 11-13 June, 2021 in the United Kingdom.
It aims to generate tax revenue for the governments by discouraging practices such as Base erosion and Profit shifting.
Issue of Tax Avoidance
It is estimated that 90 per cent of the world’s top 200 companies have a presence in tax havens and they pay taxes not at the place of economic activities, but at the tax havens where they are registered. ....
