The G7 nations have reached agreement on global tax reforms to make international tax rules more equitable and prevent multinational corporations from evading their fair share.

They will seek to introduce a global minimum corporate tax rate of at least 15% to stop countries from “racing to the bottom” in undercutting the rates of other governments. They also hope to get global corporations to pay more tax wherever they generate revenue to prevent tech giants from exploiting tax loopholes.

In an article on the NHK World website, Research Fellow Naoki Oka points out that Japanese corporations are set to benefit from the proposed new rules because they would ensure a level playing field for all multinationals.

“G7 Moves Forward with Plan for Global Tax Reform,” NHK World
https://www3.nhk.or.jp/nhkworld/en/news/backstories/1678/

Profile of Research Fellow Naoki Oka
https://www.tkfd.or.jp/en/experts/detail.php?id=41