Deal on minimum global corporate tax by G7 Finance Ministers:

It has been argued for years that the global taxation system allowed big companies to save billions of dollars in tax bills by shifting jurisdictions. Many Multi-National companies make money in multiple countries and pay taxes only at home. On June 5, an agreement was passed by finance ministers of US, UK, Germany, France, Canada, Italy and Japan which paves a way for levies on multinationals in countries where they operate, instead of just where they are headquartered. This would impose an additional tax on the big companies like Amazon, Facebook and Google to pay taxed to countries based on where their goods or services are sold, regardless of whether or not they have a physical presence in that nation.

The G7 Finance Ministers and Central Bank Governors was chaired by Chancellor Rishi Sunak agreed on a landmark deal on global tax, and different way for building a stronger, more sustainable, balanced and inclusive global economy recovery. However, the key details need to be deliberated upon, the full implementation could take years. India will likely be benefitted from this agreement and the country would continue to attract investment.