Group of Seven rich nations agreed to commit to a global minimum tax of at least 15pc on a country by country basis. "We commit to reaching an equitable solution on the allocation of taxing rights, with market countries awarded taxing rights on at least 20pc of profit exceeding a 10pc margin for the largest and most profitable multinational enterprises," a communique from G7 finance ministers seen by Reuters said. Read MoreThe minimum tax rate will create a level playing field for companies around the world, British finance minister Rishi Sunak said on Saturday. The Chancellor defended the decision not to push for a higher global corporation tax rate at the meeting with G7 finance ministers after US President Joe Biden had initially argued it should be 21pc. First of all, the agreement reached here today says at least 15pc and secondly, it is worth taking a step back.

Source: Irish Independent June 05, 2021 11:26 UTC