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

G20 finance ministers are exploring a global minimum tax on corporate profits, amid growing international consensus on tackling avoidance after the pandemic.

The virtual meetings between the group of 20 major industrial nations come 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.