Transactional

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

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EU's Economy Commissioner Paolo Gentiloni, Eurogroup President Paschal Donohoe, World Bank President David Malpass, Italy's Finance Minister Daniele Franco, French Finance Minister Bruno Le Maire, Canada's Finance Minister Chrystia Freeland, Britain's Chancellor of the Exchequer Chancellor Rishi Sunak, Managing Director of the IMF Kristalina Georgieva, Germany's Finance Minister Olaf Scholz, U.S. Treasury Secretary Janet Yellen, Secretary-General of the Organisation for Economic Co-operation and Development (OECD) Mathias Cormann, Japan's Finance Minister Taro Aso pose for a family photo during the G7 finance ministers meeting at Lancaster House in London, Britain, June 5, 2021. REUTERS/Henry Nicholls/Pool

LONDON, June 5 (Reuters) - 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."

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Reporting by David Milliken, Kate Holton and Michael Holden

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