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G-7 leaders endorse global minimum tax on multinational corporations

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Leon Neal/AP
From left, Canadian Prime Minister Justin Trudeau, President of the European Council Charles Michel, US President Joe Biden, Japanese Prime Minister Yoshihide Suga, British Prime Minister Boris Johnson, Italian Prime Minister Mario Draghi, French President Emmanuel Macron, President of the European Commission Ursula von der Leyen and German Chancellor Angela Merkel, during the leaders official welcome and family photo in Carbis Bay England on Friday, June 11, 2021. (Leon Neal/Pool Photo via AP)
G7 Family photo
Posted at 6:49 AM, Jun 13, 2021
and last updated 2021-06-13 09:49:18-04

ENGLAND — According to the Associated Press, G-7 leaders have agreed to endorse a global minimum tax on multinational corporations.

This comes after finance ministers earlier this month embraced placing a global minimum tax of at least 15% on large multinational corporations to prevent them from using tax havens to avoid taxes, robbing some countries of needed revenue.

The minimum rate was championed by the United States and connects to President Joe Biden's goal to focus the summit on how democracies can support a more fair global economy by working together.

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