The historic plan to tax multinationals agreed by G7 countries this week would have little impact on US sharemarket profits but poses a threat to a handful of large companies across Asia, according to analysts.

The US and Europe’s largest economies including France and Germany were among the group of nations to agree in principle to tax 20 per cent of profits above a 10 per cent margin and introduce a 15 per cent minimum tax for multinationals.

The landmark accord comes ahead of the G7 meeting of world leaders this weekend in Cornwall, the UK seaside town, and was designed to address the use of tax havens to book corporate profits.

Companies will face a tax bill in the countries in which they operate, offering a boon for nations that have long since complained about large, global companies booking profits in low-tax jurisdictions rather than where they earn revenue.

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