Global corporate taxation: G7 finance ministers achieve breakthrough

The large western industrialized countries want to ask corporations to pay more strictly. When it came to the level of minimum taxation, they were surprisingly concrete. But for US giants like Amazon and Google not everything is settled.

The G-7 finance ministers met in person for the first time since the pandemic began.

Henry Nicholls / AP

After years of discussion, the largest western industrial nations are paving the way for a global minimum taxation for corporations. The finance ministers of the G-7 agreed on a reform in London on Saturday that would impose stricter rules on international companies from two sides: through stricter guidelines on where they must tax profits and through a lower limit on how high these taxes should be. The conversion is intended to adapt the global tax system to the upheavals caused by globalization and digitization. The United States in particular had to be struggled hard because corporations like Amazon, Google or Facebook are at the center.