G7 Nations Reach Historic Deal to Tax Big Multinationals

EU's Economy Commissioner Paolo Gentiloni, Eurogroup President Paschal Donohoe, World Bank President David Malpass, Italy's Finance Minister Daniele Franco, French Finance Minister Bruno Le Maire, Canada's Finance Minister Chrystia Freeland, Britain's Chancellor of the Exchequer Chancellor Rishi Sunak, Managing Director of the IMF Kristalina Georgieva, Germany's Finance Minister Olaf Scholz, U.S. Treasury Secretary Janet Yellen, Secretary-General of the Organisation for Economic Co-operation and Development (OECD) Mathias Cormann, and Japan's Finance Minister Taro Aso pose for a family photo during the G7 finance ministers meeting at Lancaster House in London, on June 5, 2021. Henry Nicholls /Reuters

LONDON—A group of the world’s richest nations reached a landmark deal on Saturday to close cross-border tax loopholes used by some of the world’s biggest companies.

The Group of Seven said it would back a minimum global corporation tax rate of at least 15 percent, and put in place measures to ensure taxes were paid in the countries where businesses operate.