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G7: Rich nations back deal to tax multinationals

The G7 group of advanced economies has reached a "historic" deal on taxing multi-national companies, the UK's Chancellor of the Exchequer, Rishi Sunak says.

Finance ministers meeting in London agreed to commit to the principle of a minimum corporate tax rate of 15%.

Tech giants such as Amazon and Google could be among the companies affected.

The move could see billions of dollars flow to governments to pay off debts incurred during the Covid crisis.

The deal - from the US, UK, France, Germany, Canada, Italy and Japan - will put pressure on other countries to follow suit, including at a meeting of the G20 next month.

Mr Sunak said the agreement was designed to create a level playing field for global companies.

"After years of discussion, G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age," he said.


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