Rishi Sunak announces ‘historic agreement’ by G7 on tax reform

The G7 group of wealthy nations have signed a landmark deal to tackle tax abuses by some of the world’s biggest multinationals and establish a minimum global corporation tax for the first time.

Finance ministers from the group agreed the plan on Saturday as part of talks held in London, the chancellor, Rishi Sunak, said.

The principle of the agreement is that multinationals would have to pay a minimum tax rate of at least 15% in each country they operate.

US president Joe Biden initially proposed a minimum rate of 21%, but was...