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Janet Yellen. Photo: Alex Wong/Getty Images

The Group of Seven nations on Saturday reached a historic deal to reform the global tax system, agreeing that corporations around the world should pay at least a 15% tax on earnings.

The state of play: The global tax minimum was proposed by Treasury Secretary Janet Yellen last month, per CNN. The new reforms will affect the world's largest firms with profit margins of at least 10%, U.K. Finance Minister Rishi Sunak explained.

  • The deal also ends national digital service taxes, which had the support of several European countries, but which U.S. officials said would unfairly target American technology giants, per Reuters.
  • Yellen said that both Amazon and Facebook will be covered under the arrangement: "It will include large profitable firms and those firms, I believe, will qualify by almost any definition."
  • G7 finance ministers also agreed to tackle environmental crime "with a new task force on nature-related financial disclosures to mirror the work of the Task Force on Climate Related Financial Disclosures," Bloomberg writes.

What they're saying: "G7 finance ministers today, after years of discussions, have reached a historic agreement to reform the global tax system, to make it fit for the global digital age — and crucially to make sure that it’s fair so that the right companies pay the right tax in the right places," Sunak said.

  • "That global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world," Yellen said.

What to watch: Sunak said G20 finance ministers will discuss the agreement in July.

Go deeper

Mike Allen, author of AM
Sep 10, 2021 - Economy & Business

White House spoils for fight on taxes

Sen. Joe Manchin (D-W.Va.), at the center of the Hill's fall fights, near the Senate subway on Aug. 5. Photo: Kent Nishimura/L.A. Times via Getty Images

The White House plans to lean into attacks on proposed taxes to pay for President Biden's "Build Back Better" agenda as "an inflection point where leaders need to choose which side they’re on."

Why it matters: Both ends of Pennsylvania Avenue are heading into an epic fall debate over the size and funding of transformational social and climate programs. The 2022 midterms are the backdrop, with Democrats running partly on jobs created by infrastructure spending.

2 hours ago - World

Report: LGBTQ+ Afghans' lives "dramatically worsened" under Taliban rule

Taliban fighters in Kabul, Afghanistan, earlier this month. Photo: Mohd Rasfan/AFP via Getty Images

LGBTQ+ Afghans have been threatened, attacked and "faced an increasingly desperate situation and grave threats to their safety" since the Taliban seized control of Afghanistan last August, per a report published Wednesday.

What they're saying: "We spoke with LGBT Afghans who have survived gang rape, mob attacks, or have been hunted by their own family members who joined the Taliban, and they have no hope that state institutions will protect them," per a statement from study co-author J. Lester Feder.

4 hours ago - World

Canadian Indigenous group finds 93 suspected unmarked graves

A makeshift memorial honoring the 215 children whose remains were found in a mass grave in Brantford, Ontario, Canada, last May. Photo: Cole Burston/AFP via Getty Images

Indigenous leaders in Canada's western province of British Columbia said Tuesday they believe they've found 93 unmarked graves near a former boarding school.

The big picture: Hundreds of mass graves have been found at the grounds of former residential schools for Indigenous children since last May, when the remains of 215 children were uncovered at one such site in B.C.