G7's global minimum corporate tax rates regime

【明報專訊】The Group of Seven (G7) countries have reached a historic agreement in principle to introduce a global minimum corporate tax rate, which will be at least 15%. The Hong Kong government says that it will respond to changes in the global taxation system and maintain Hong Kong's competitiveness. In the era of the new economy, multinational giants take advantage of the differences in tax rates between regions to avoid taxation rampantly and pay ridiculously low taxes. Global efforts should be made to curb the practice.