The G7 group of nations has agreed to close tax loopholes that encouraged major multinationals like Apple to move their money across borders, with the core change being a global minimum corporation tax rate.Major economies have wrestled with the problem of properly taxing big companies, such as Apple and other tech giants, for quite a few years. In a bid to try and stop the shifting of funds to tax-efficient countries, the G7 has agreed to take away some of the benefit gained from the revenue movements.Agreed on Saturday, finance ministers from G7 economies pledged to enforce a minimum global corporation tax rate of at least 15%, reports Reuters. At the same time, measures will be put in place to make sure that taxes are appropriately paid in the countries where the firms operate.Read more
