G7 negotiates new tax system

The biggest overhaul of the global tax system in decades is expected as finance ministers from across the G7 thrash out a deal in London. Negotiations centre on a bid to combine American proposals for a new global minimum corporation tax rate with British-led plans for tech titans to pay more in the countries where they serve customers, rather than where their headquarters are. Countries are also closing in on a minimum tax threshold of at least 15 per cent, Bloomberg reported. Bruno Le Maire, the French finance minister, told the BBC: “We are just one millimetre away from a historic agreement.” His German counterpart Olaf Scholz said he is “absolutely confident” of an agreement that would “change the world”.