G7 strikes 'historic' agreement over global corporate tax

US Treasury Secretary Janet Yellen (L) says a global minimum tax 'would end the race to the bottom in corporate taxation.'

The talks have prepared the ground for a broader summit of G7 leaders in Cornwall, southwest England, starting Friday.

Finance ministers from wealthy G7 nations on Saturday endorsed a global minimum corporate tax rate of at least 15 percent, rallying behind a US-backed plan targeting tech giants and other multinationals accused of not paying enough. 

"However, fixing a global minimum corporate tax rate of just 15 percent is far too low.