LONDON (AN) —Finance ministers from the Group of Seven wealthy democracies agreed on Saturday to set a global minimum corporate tax of at least 15% in an effort to recoup a greater portion of income that multinational businesses stash away in low-rate nations and tax havens.
The deal reached among G-7 finance ministers meeting in London represents a major breakthrough in a long attempt to revamp international corporate tax laws, including forcing the world's biggest companies to pay taxes in nations where their goods or services are sold even if they have no physical offices there.
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