G-7 finance ministers agree on 15% int'l minimum corporate tax rate

Finance ministers from the Group of Seven industrialized nations agreed Saturday on a global minimum corporate tax rate of at least 15 percent to keep multinationals from shifting profits overseas, paving the way for a more inclusive consensus involving over 100 economies.The G-7 finance chiefs also commit to set new rules to enable governments to impose duties according to where multinational firms make sales, not physical presence, they said in a statement released after wrapping up a two-day meeting in London. About 100 companies -- mainly U.S. firms -- are likely to be affected, Japanes…READ FULL ARTICLE