Apple may pay higher taxes after G7 agree to global tax rate changes

The G7 group of nations has agreed to close tax loopholes that encouraged major multinationals like Apple to move their money across borders, with the core change being a global minimum corporation tax rate.

Major economies have wrestled with the problem of properly taxing big companies, such as Apple and other tech giants, for quite a few years. In a bid to try and stop the shifting of funds to tax-efficient countries, the G7 has agreed to take away some of the benefit gained from the revenue movements.Agreed on Saturday, finance ministers from G7 economies pledged to enforce a minimum global corporation tax rate of at least 15%, reports Reuters. At the same time, measures will be put in place to make sure that taxes are appropriately paid in the countries where the firms operate.

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