G20 finance chiefs aim for corporate tax deal

Group of 20 finance ministers and central bank governors have agreed to commit to reaching a consensus by the middle of this year on the introduction of a global minimum corporate tax rate.

The proposal by US Treasury Secretary Janet Yellen is aimed at curbing competition among countries to cut corporate tax rates to attract businesses.

The policymakers made the pledge in a statement released after their online meeting on Wednesday.

Japanese Finance Minister Aso Taro said it was a major achievement for the participants to renew their commitment to the matter.

A minimum tax rate is also a focus of negotiations by a group of about 140 economies. They are aiming to reach new international taxation rules affecting multinational companies that shift their profits to low-tax economies.