G7 backs Biden's sweeping overhaul of global tax system
CNN
Finance ministers from the Group of Seven (G7) nations have put their support behind the Biden administration's ambitious plan to overhaul the global tax system, backing a minimum tax of at least 15% on corporate earnings.
UK finance minister Rishi Sunak announced the agreement in a video posted on Twitter Saturday, saying G7 finance ministers -- hailing from Canada, France, Germany, Italy, Japan, the UK and the US -- had "reached a historic agreement to reform the global tax system to make it fit for the global digital age and, crucially, to make sure that it's fair so that the right companies pay the right tax in the right places." The agreement was made during a G7 meeting of finance ministers in London, attended by US Treasury Secretary Janet Yellen, where she sought backing for the administration's efforts to rewrite international tax rules and discourage American companies from booking earnings abroad.
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