G-7 nations sign key pact to make tech giants pay fair taxes

LONDON (AP) — Britain’s treasury chief said the world’s richest countries have signed a landmark agreement committing them to confronting corporate tax avoidance and making sure giant tech companies pay their fair share. Rishi Sunak said finance ministers from the Group of Seven leading industrialized nations signed the agreement on the second and final day of meetings in London. In a video message, Sunak said the G-7 finance ministers reached “a historic agreement to reform the global tax system to make it fit for the global digital age make sure the right companies pay the right tax in the right places.” U.S. Treasury Secretary Janet Yellen said the agreement “provides tremendous momentum” towards reaching a global 15% rate that “would end the race-to-the-bottom in corporate taxation.”