G7 works toward final deal on global tax reform

Finance ministers from the Group of Seven nations have pledged to work closely together so they can reach a final agreement on new global tax rules by October.

They are aiming to reduce tax avoidance by companies that shift their profits to low-tax jurisdictions.

The meeting was held online. Japanese Finance Minister Aso Taro was among the officials.

They exchanged views on forming new rules that would end competition among countries and territories to offer the lowest rates.

The officials also ironed out lingering issues to pave the way for a final deal.

134 countries and regions have agreed to the framework. They want to adopt a tax rate of at least 15 percent.

Six countries, including Ireland, oppose the reform. They offer lower tax rates to attract businesses.

The G7 members are hoping to bring those nations on board before the final deal is reached.

Aso said, "Last-minute talks are crucial, and optimism is not allowed until October."

He added that he thinks the likelihood of an agreement in line with the current direction has risen.