G20 takes step towards global minimum corporate tax rate

Meetings of finance ministers follow change in US stance, with consensus growing on tackling tax avoidance

Finance ministers from the G20 group of the world's largest economies are exploring a global minimum tax on corporate profits, amid growing international consensus on tackling avoidance after the pandemic.

The move to set a floor on tax rates paid by corporations comes after the US made the case for an international base rate this week, in a move by the Biden administration to end US resistance to international tax reforms.

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