G20 finance chiefs back global tax crackdown

Finance chiefs of the G20 club of large economies have backed a landmark move to stop multinationals shifting profits into low-tax havens and win back hundreds of billions of dollars in lost revenues, a draft communique showed. The agreement at talks in the Italian city of Venice is set to be finalized on Saturday and caps eight years of wrangling over the issue.
The aim is for country leaders to give it a final blessing at an October summit in Rome. The pact to establish a minimum global corporate tax rate of at least 15% is an attempt to squeeze more money out of tech giants like Amazon and Google as well as other multinationals able to shop around for the most attractive tax base.