In recent days, an agreement was reached among G7 finance ministers regarding a global minimum corporate tax rate of at least 15% on multinationals' profits. This agreement, which particularly affects tech giants from Amazon to Microsoft, stipulates that multinationals "pay taxes in each country in which they operate" and "not just where they are headquartered." The tax reform was considered a landmark initiative, and the United Kingdom, in particular, lobbied for it.

For the Independent Commission for International Corporate Tax Reform, however, this agreement is far from a success: tax evasion by multinationals causes lost global revenues of approximately $240 billion each year. The Commission called on the G7 countries to "show true leadership and make a much more ambitious commitment," because "the 15% rate is close to that of tax havens like Ireland and Switzerland." A truly "historic" agreement, according to the Commission, would have meant that "all global profits of multinationals" would be taxed in line with their actual activities in each country, with reference to key factors such as employment and sales. The Independent Commission believes the ideal would be a 25% global minimum tax on multinationals, to eliminate tax competition between countries and reduce the incentive for multinationals to move to tax havens.