France, Germany, Italy, Spain on verge of G7 deal to tax multinationals

A G7 deal on a minimum corporate tax rate is "within sight", finance ministers from France, Germany, Italy and Spain have confirmed before a two-day meeting of the world's richest nations.

French Finance Minister Bruno Le Maire is confident that he and his G7 counterparts can make the multinationals pay their share. Eric Piermont AFP/Archivos

"We have a chance to get multinational businesses to pay their fair share," France's Bruno Le Maire, Germany's Olaf Scholz, Italy's Daniele Franco and Spain's Nadia Calvino said in the London-based Guardian newspaper.

British finance minister Rishi Sunak launches a two-day meeting on Friday with counterparts from Canada, France, Germany, Italy, Japan and the United States, before a leader summit next week, to be attended by US President Joe Biden.

The spotlight for the finance ministers this weekend will be on ambitious plans for a minimum level of corporate tax, as global powers seek to make multinationals pay their way.

"For more than four years, France, Germany, Italy and Spain have been working together to create an international tax system fit for the 21st century," the four ministers wrote in a joint opinion piece.

"It is a saga of many twists and turns. Now it's time to come to an agreement."

Biden has called for a unified minimum corporate tax rate of 15 percent in negotiations with the Organisation for Economic Co-operation and Development (OECD) and G20.

"The new US proposal on minimal taxation is an important step in the direction of the proposal initially floated by our countries and taken over by the OECD," the four ministers added.

"The commitment to a minimum effective tax rate of at least 15 percent is a promising start."