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05 June 2021 G7 finance ministers have reached an agreement to commit to introducing, country by country, a minimum global taxation of at least 15% UK Finance Minister Rishi Sunak explains that the agreement provides for a minimum rate of "at least 15%" in each country, with reference to mega companies with margins above 10%.



According to the British minister, 20% of profits above this 10% margin will be reallocated to the countries where sales are made. Sunak added that the need for national taxes on digital services will disappear once the global solution is in place.



"After years of discussions, G7 finance ministers have reached a historic agreement to reform the global tax system to fit the global digital age," he told reporters.



"We are committed - reads the final communiqué - to reach a fair solution on the assignment of taxation rights". "We will ensure adequate coordination between the application of the new international tax rules and the elimination of all taxes on digital services, and other relevant similar measures, on all companies."