G7 nations announce global corporate tax of at least 15%

"Following years of discussions, finance ministers agreed to reforms which will see multinationals pay their fair share of tax in the countries they do business," according to a press release issued by the UK's government official website.

The decision between Canada, France, Germany, Italy, Japan, the UK and US came after a ministerial meeting in London, where officials from these countries agreed on the principles for a two-pillar solution to tackle the tax challenges stemming from an increasingly globalized and digitized economy.

"Under Pillar One of this historic agreement, the largest and most profitable multinationals will be required to pay tax in the countries where they operate – and not just where they have their headquarters."

"Under Pillar Two, the G7 also agreed to the principle of at least 15% global minimum corporation tax operated on a country by country basis."