G7 agrees to global tax reform

Released 05 June 2021

G7 finance ministers have agreed to back an international agreement on global tax reform which will mean the largest multinational tech giants will pay their fair share of tax in the countries in which they operate.

As part of landmark deal, finance ministers have also agreed to the principle of a global minimum rate that ensures multinationals pay tax of at least 15% in each country they operate.

In addition, climate reporting is to become mandatory, and measures to crack down on the proceeds of environmental crimes will be forthcoming.

Further information on the latest G7 agreements can be found at https://www.gov.uk/government/news/g7-finance-ministers-agree-historic-global-tax-agreement.

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