G7 finance ministers to discuss global tax reform

Finance ministers from the world's seven wealthiest nations are set to meet later this week to discuss global tax reform, according to the UK Treasury on Tuesday.

At the meeting, to be held online on Thursday, the so-called Group of Seven or G7 will try to make progress on technical negotiations on global tax reform, a Treasury source said.

In June, G7 finance ministers agreed a  "historic" commitment to impose a global minimum tax of 15 per cent on large corporations such as tech giants in every country they operate in.

The landmark deal is supposed to help put an end to top multinationals shopping for countries with low corporate taxes in which to book their profits instead of paying where they conduct their business.

Some nations are opposed to the plan, most notably Ireland, which has lured the likes of Apple and Google with a tax rate of 12.5 per cent.

G20 finance ministers have backed the deal and final agreement is expected in the run-up to the G20 leaders' summit in Rome in October, with hopes the reforms can be in place by 2023.