Leaders of the world’s seven richest nations are set to reaffirm their finance ministers’ corporate tax deal as they gather in Cornwall this weekend for talks on Covid, climate and trade. Last weekend, finance ministers from the group of seven richest nations (G7) - including the US, UK, Germany and France - agreed in principal on a 15pc global minimum tax rate. The US will be the big winner from a global minimum tax rate, according to the EU’s tax observatory, with Belgium seeing the largest revenue windfall, followed by Austria and Ireland). Fitch Ratings said this week that global tech companies might even welcome a global minimum tax if it replaces the patchwork of national tax rules that currently exist. G7 leaders are also set to discuss how to rein in China on the world stage, with Australia pressing for a reform of global trade rules.

Source: Irish Independent June 11, 2021 15:56 UTC