URGENT: G-20 backs major corporate tax reforms, vows to act over inflation

© Kyodo News

Finance chiefs from the Group of 20 major economies on Wednesday endorsed a global minimum corporate tax rate of 15 percent and other new rules to address tax avoidance by tech giants, while vowing to act as necessary over rising inflation rates amid supply disruptions stemming from the coronavirus pandemic.

The G-20 finance ministers and central bank governors also affirmed in a communique issued after their meeting in Washington that the global recovery has "continued at a solid pace," and said they will seek to sustain it by avoiding any premature withdrawal of support measures.