The money managers of the 7 most advanced economies have agreed on a 15% global minimum tax.
Finance ministers of the Group of Seven (G7) have backed a U.S. proposal that calls for corporations across the globe to pay at least a 15% tax on earnings.
U.K. Finance Minister Rishi Sunak announced the same in a video statement on Saturday.
U.S. Treasury Secretary Janet Yellen who is in London to see through this major tax overhaul tweeted “That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world"
The tax deal also got positive feedback from tech giants Nick Clegg, vice president of global affairs at Facebook, wrote in a tweet that the company welcomed the G-7 tax rule.