G-7 nears deal for at least 15% global minimum corporation tax: Report

Group of Seven finance ministers are closing in on an agreement to drive for a minimum corporate rate of “at least 15 per cent” in international tax negotiations, as the US proposed late last month, according to people familiar with the matter.
 
The ministers are meeting Friday and Saturday in London and are due to release a statement after the discussions. Such an agreement would be one of two parts of a broader deal that countries are trying to reach also covering how to divide up levies on some of the biggest multinational firms like Facebook and Amazon.
 

Agreeing on the “at least” wording would leave room for maneuver in talks involving around 140 nations on how to rework global rules to stop multinational companies from shifting profits to low-tax jurisdictions. It would also give the US some leeway for talks on its own domestic legislation.
 

European ministers had already described US Treasury Secretary Janet Yellen’s proposal —lower than the 21 per cent the Biden administration initially mooted — as a good compromise. It’s not yet clear whether a specific rate would be included in the G-7 communiqué to be published on Saturday.