G7 finance ministers agree global minimum tax of at least 15%

LONDON - Group of Seven rich nations agreed on Saturday to commit to a global minimum tax of at least 15% on a country by country basis.

"We commit to reaching an equitable solution on the allocation of taxing rights, with market countries awarded taxing rights on at least 20% of profit exceeding a 10% margin for the largest and most profitable multinational enterprises," a communique from G7 finance ministers seen by Reuters said.

"We will provide for appropriate coordination between the application of the new international tax rules and the removal of all Digital Services Taxes, and other relevant similar measures, on all companies."