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  G7: Rich nations back deal to tax multinationals
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ContributorIndyGeorgia 
Last EditedIndyGeorgia  Jun 05, 2021 04:01pm
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CategoryNews
AuthorBBC
News DateSaturday, June 5, 2021 09:00:00 PM UTC0:0
DescriptionThe G7 group of advanced economies has reached a "historic" deal to make multinational companies pay more tax.

Finance ministers meeting in London agreed to battle tax avoidance by making companies pay more in the countries where they do business.

They also agreed in principle to a global minimum corporate tax rate of 15% to avoid countries undercutting each other.

Tech giants Amazon and Facebook are among those likely to be affected.

The deal announced on Saturday, between the US, the UK, France, Germany, Canada, Italy and Japan, plus the EU, could see billions of dollars flow to governments to pay off debts incurred during the Covid crisis.

Negotiated over many years, it will put pressure on other countries to follow suit, including at a meeting of the G20 next month, which includes China, Russia and Brazil.
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