G7 reaches agreement for minimum 15% IRC – Cash

The G7 finance ministers reached an agreement this Saturday to implement a minimum IRC of 15% on the profits of multinational companies. The announcement was made by British minister Rishi Sunak, on Twitter. It’s a “historic deal,” he wrote.

Alberto Pezzali / Pool via REUTERS

“I am delighted to announce that the G7 finance ministers today, after years of discussion, reached an historic agreement on the global tax system,” announced the UK finance minister. Appreciating the work of his counterparts, Sunak reiterated that this “historically significant” agreement makes it possible to adapt the global tax system to the 21st century.

It was almost certain that the G7 would agree a minimum corporate tax rate applied on a global scale, but the value of this was still uncertain. It ended up being declared at 15%.

The G7 is made up of the US, Germany, France, UK, Italy, Canada and Japan.

“If we agree on a minimum rate, it will put an end to the race down on taxes. A deal that will change the world,” said Olaf Scholz, Germany’s finance minister.

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