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Finance ministers for the Group of 7 are set to back a new global minimum tax, according to a Reuters report. The move would potentially be a major step forward for both the Biden administration and international taxation.

According to a draft obtained by Reuters, the group supports the push for a tax by the Organization for Economic Cooperation and Development and has a “high level of ambition” for its eventual rate.

A global minimum corporate tax would, in practice, curb multinational companies from fleeing to countries with lower tax rates. A unilateral agreement ensures that details ⇒

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