Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of an international minimum corporate tax rate.

The Government is delighted that the G7 has come together to back the proposals developed by the OECD to reform the international tax framework.

Reaching final agreement, with the G20 and OECD Inclusive Framework, on a two-pillar solution which reallocates taxing rights and introduces a global minimum tax would be a major multilateral achievement and introduce greater stability into the international tax landscape.

The details of a final agreement are still subject to international negotiation, and it would not be appropriate to provide a detailed impact assessment.