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Biden boost as G7 finance ministers reach global tax agreement

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The group of wealthy countries has reached a historic agreement on a minimum level of corporation tax.

The agreement at the G7 finance ministers meeting in London on Saturday may prove a boost to Biden's plan for a major reform of global taxes. The measures approved could form a basis for an international pact.

"We commit to reaching an equitable solution on the allocation of taxing rights, with market countries awarded taxing rights on at least 20% of profit exceeding a 10% margin for the largest and most profitable multinational enterprises," the text says.

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