G7 Finance Leaders Reach Global Tax Rate Deal

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G7 Finance Leaders Reach Global Tax Rate Deal

Officials from the Group of 7 countries agreed on Saturday to back a new global tax rate of at least 15 percent, which companies would have to pay regardless of where their headquarters are based.

I’m delighted to announce that today, after years of discussion, G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age, but crucially, to make sure that it’s fair, so that the right companies pay the right tax in the right places. And that’s a huge prize for British taxpayers. It’s a very proud moment. And I want to say thank you to my G7 colleagues for their collective leadership and for their willingness to work together to seize this moment, to reach a historic agreement that finally brings our global tax system into the 21st century. You know, it’s complicated. And this is the first step. This is agreement amongst G7 finance ministers. And next month, we’ll have a G20 finance ministers summit to make further progress. But I think the crucial thing for people to take away is the principle of fairness. That’s what we’ve achieved today, to ensure that there’s a level playing field for all types of companies. And whether it’s people operating in tax havens or it’s digital companies, we’re going to level the playing field and inject that principle of fairness into our global tax system.

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International video coverage from The New York Times.

International video coverage from The New York Times.

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