G7 Nations Back Biden Plan To Overhaul Global Corporate Tax

Finance ministers from the Group of Seven (G7) nations have made a pact to back President Joe Biden's plan to overhaul the global tax system, one that could reshape how multinational corporations are taxed.

The ministers, who hail from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, plan to back a minimum tax of at least 15 percent on corporate earnings, according to multiple reports. Negotiators are expected to move on a binding agreement at G20 meeting in July.

The move could target big tech companies like Apple and Amazon, which are headquartered in the United States but earn significant revenue in other countries, where the companies pay less taxes.

Read more via The Washington Post