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G7 strikes ‘historic’ agreement over global minimum corporate tax

Finance ministers from wealthy G7 nations endorse a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan targeting tech giants and other multinationals accused of not paying enough.

US Treasury Secretary Janet Yellen hails the “unprecedented commitment,” saying in a statement that a global minimum tax will “end the race to the bottom in corporate taxation.”

Facebook even got behind the move despite the social media giant facing the prospect of having to pay more tax — while non-governmental organizations said it did not go far enough.

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