EXCLUSIVE G7 to back minimum global corporate tax and support economy – draft

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Finance ministers from the group of seven rich nations (G7) will vow this week to support their economies as they emerge from the pandemic and reach an “ambitious” deal on a minimum global corporate tax in July, a draft communique showed.

G7 officials, set to meet in London on June 4-5, will also say that once the recovery is well established, they will need to “ensure long-term sustainability of public finances”, which is understood to be code for a gradual withdrawal of stimulus.

The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada.

“We commit to not withdrawing policy support too soon and investing to promote growth, create high-quality jobs and address climate change and inequalities,” the draft communique, seen by Reuters, said.

“Once the recovery is firmly established, we need to ensure the long-term sustainability of public finances to enable us to respond to future crises,” the draft said, without specifying how the…

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