The Group of Seven (G7) wealthy countries on Saturday agreed on the outline of a historic deal to deter multinational companies from avoiding taxes stashing profits in low-rate countries. So that the right companies pay the right tax in the right places. ': G-7 nations sign historic pact to make tech giants pay fair taxesHere are the five key aspects of the ‘historic’ deal:The G7 finance ministers agreed to reforms that will see multinationals paying tax in the countries where they do business. The largest global firms with profit margins of at least 10 per cent will be in the scope of the landmark reforms. 20 per cent of any profit above that 10 per cent margin will be reallocated and then subjected to tax in the countries where they make sales.

Source: Hindustan Times June 05, 2021 16:30 UTC