G7 Fin Mins reach deal committing to a global minimum tax of at least 15% on a country by country basis
- Communique: "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...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."
- Agree to the importance of progressing the agreement in parallel on both pillars and expect to reach an agreement at the July meeting of G20 Fin Mins and central bank governors.
- Agree no global stablecoin project should begin operation until it adequately addresses relevant legal and regulatory requirements through appropriate design and by adhering to applicable standards.
- G7 committed to sustaining policy support as long as needed
- Once the recovery is firmly established, we must ensure the long term sustainability of public finances
- France Fin Min Le Maire: will fight over the months ahead to make the minimum corporate tax as high as possible
- German Fin Min Scholz: the G7's historic tax deal will stop companies from dodging taxes by booking profits in low tax countries
- US Treasury Sec Yellen: global minimum tax deal would end a race to the bottom in corporate taxation and will help the global economy thrive; the G7 agreement protects national sovereignty to set domestic tax policy