G7 inches toward tax reform agreement

Finance ministers from the Group of Seven nations say they have made progress toward finalizing a landmark global tax reform agreement.

The G7 ministers held online talks on Wednesday.
The focus of the discussion was how to stop countries from competing to offer the lowest tax rates.

134 countries and regions have signed onto a broad framework to set a minimum 15 percent corporate rate. They hope to reach a final agreement by the end of October.

The G7 ministers say Wednesday's meeting brought them closer to ironing out some lingering issues.

Japanese Finance Minister Aso Taro told reporters afterward that he expects a deal to be wrapped up soon.
"We were able to agree on a few items," Aso said. "I feel we are heading into the homestretch."

A handful of countries are opposed to the reform. They include places like Ireland, which offer low corporate tax rates to attract business.