A global minimum tax would end the race-to-the-bottom in corporate taxation. The UK Treasury said on Twitter that the deal will hit the largest global firms with profit margins of at least 10%. The G-7 also agreed to the principle of a global minimum corporation tax on large firms of at least 15%. That's always proved tricky since the US refused any ring-fencing of digital firms in the new rulebook. The other aims set a global minimum tax so that countries can levy the profits their companies record in low-tax jurisdictions.

Source: News 24 June 05, 2021 16:27 UTC