06 June, 2021
10 Min Read
What is G-7 grouping?
What is in the news?
A group of the world’s richest nations reached a landmark deal to close cross-border tax loopholes used by some of the world’s biggest companies.
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 that 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.
That has, in turn, cost their public coffers hundreds of billions of dollars — a shortfall they now need to recoup all the more urgently to pay for the huge cost of propping up economies ravaged by COVID-19.
Why a global minimum?
Where are the talks at?
How would a global minimum tax work?
What about that minimum rate?
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