G7 leaders endorse taxation commitment

Leaders of the Group of 7 (G7) have endorsed the commitment on a global tax system made by G7 finance ministers earlier in June. Meeting in Cornwall, UK, the leaders of the seven wealthiest countries, plus three observer nations, prioritised taxation amid a host of other issues.

‘We will now continue the discussion to reach consensus on a global agreement on an equitable solution on the allocation of taxing rights and an ambitious global minimum tax of at least 15 % on a country-by-country basis, through the G20/OECD inclusive framework and look forward to reaching an agreement at the July meeting of G20 Finance Ministers and Central Bank Governors,’ the communique said.

Meeting in Cornwall, UK, the leaders’ endorsement will serve ‘as a springboard to getting broader agreement at the G20′. The G20’s finance ministers are expected to meet on 9–10 July; the leaders’ summit will be held in October 2021.