Finance ministers from the Group of Seven (G7) rich nations reached a landmark accord on Saturday backing the creation of a global minimum corporate tax rate of at least 15 percent in an effort to close cross-border tax loopholes used by some corporations.
The Group of Seven said it would back a minimum global corporation tax rate of at least 15%, and put in place measures to ensure taxes were paid in the countries where businesses operate.
The accord, which could form the basis of a global pact next month, is aimed at ending a decades-long "race to the bottom" in which countries have competed to attract corporate giants with ultra-low tax rates and exemptions.
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