G20 finance ministers back deal to tax companies

G20 finance ministers have backed an “historic” plan which will see multinational companies pay their “fair share” of tax around the world.

The plan to battle tax avoidance puts in place a minimum global corporate tax rate of 15%.

It is likely to affect companies like Amazon and Facebook.

So far, 132 countries have signed up to the framework, being championed by The Organisation for Economic Cooperation and Development (OECD).

The agreement is a further boost for the plan signed up to by leaders of the G7 major economies in Cornwall a month ago.

The G20 finance ministers – who represent 19 countries with the largest and fastest-growing economies, as well as the European Union – announced their support following a two-day meeting in Venice, Italy.