Report: G7 expected to finalize global minimum corporate tax of 15%

The international G7 group is reportedly close to finalizing a global corporate minimum tax rate of 15%, a move that is intended to prevent corporations from shifting assets and profits to countries with lower tax rates and help tamp down tax competition between countries. 

The G7 — consisting of France, the U.S., Italy, Japan, Germany, Canada and the U.K. — is allegedly poised to release the proposal as soon as meetings are concluded in London. The larger G20 group is also considering such a measure. 

The rule would theoretically remove the impetus for participating countries to aggressively lower their corporate tax rates, which critics claim drives down government revenue precipitously. 

The adjusted average statutory corporate tax rate around the world, according to the Tax Foundation, is about 25%.