G20 finance ministers back overhaul of corporate tax for multinationals

The pact to establish a minimum global corporate tax rate of at least 15% is an attempt to squeeze more money out of tech giants like Google.

Finance chiefs of the G20 club of large economies have backed a landmark move to stop multinationals shifting profits into low-tax havens and win back hundreds of billions in lost revenues, a draft communique showed.

The agreement at talks in Venice is set to be finalised this weekend and caps eight years of wrangling over the issue.