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June 7, 2021

G7 Ministers Back 15% Corporate Tax Rate Derided by Critics as Too Low a Bar
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Finance ministers from seven of the world's wealthiest nations have
backed a plan to set a global minimum corporate tax rate of at least 15%
on multinational companies. The agreement was reached during a Group of
7 - or G7 - meeting in Britain. German Finance Minister Olaf Scholz
welcomed the deal.

Olaf Scholz: "Tax evasion will be more difficult for big companies all
over the world, and this is a good message for the people of our
countries. And especially the big tech giants will have to pay their
fair share, and this is also a good success."

Oxfam criticized the G7 agreement. In a statement, the group said, "It's
absurd for the G7 to claim it is 'overhauling a broken global tax
system' by setting up a global minimum corporate tax rate that is
similar to the soft rates charged by tax havens like Ireland,
Switzerland and Singapore. They are setting the bar so low that
companies can just step over it."


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