G7 deal on Minimum Global Corporate Tax

Why in News ? Recently, Group of seven (G7) advanced economies signed a landmark deal on taxing multinational companies. As per the deal, minimum global tax rate would be at least 15 percent. About: Agreement was signed by finance ministers of United Kingdom, United States, Germany, Canada, France, Italy and Japan. It opens way for levies on multinational companies in countries where they operate rather than just where they are headquartered. Why new system was proposed? Old system of global taxation was being criticized over the years as it allowed big companies to save billions of dollars in tax bills....Read More