U.S. Treasury chief says G7 commitments will help end race to bottom on taxes

U.S. Treasury Secretary Janet Yellen said on Saturday that G7 finance ministers made a "significant, unprecedented commitment" towards achieving a global minimum tax rate of at least 15% to end a "race to the bottom" on corporate taxation.

"The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases," such as education, research, and infrastructure, Yellen said in a statement.

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