G-7 nations reach historic deal on global tax reform

"G-7 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," U.K. Finance Minister Rishi Sunak announced in a video statement on Saturday.U.S. Treasury Secretary Janet Yellen, who is in London for the face-to-face meeting, hailed the move as significant and unprecedented."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," she tweeted.President Joe Biden and his administration had initially suggested a minimum global tax rate of 21% in an attempt to end a race to the bottom among different countries in luring international businesses.A global deal in this field would be good news for cash-strapped nations, who are trying to rebuild their economies