The group of seven industrialised countries, or G-7, has agreed in principle on what may become the largest and most far-reaching reshaping of the global tax landscape in decades.
Meeting at Lancaster House in London, the G-7’s finance ministers agreed on a deal that would create a more uniform corporate tax structure and minimise profit shifting by multinationals. Besides an agreement that countries will tax corporate profits at a rate of “at least 15 per cent”, it was agreed that large companies with profit margins in a country that exceed at least 10 per cent will see ...
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