UK Chancellor Rishi Sunak is hopeful of reaching a global agreement on digital taxation.
Tech tax
The US is currently at loggerheads with a number of countries, including the UK, over the taxation of big tech companies, but Sunak is keen to reach a compromise ahead of a meeting of world finance leaders.
Speaking ahead of the G7 meeting, he explained: "Securing a global agreement on digital taxation has also been a key priority this year - we want companies to pay the right amount of tax in the right place, and I hope we can reach a fair deal with our partners.
"I'm determined we work together and unite to tackle the world's most pressing economic challenges - and I'm hugely optimistic that we will deliver some concrete outcomes this weekend."
Prior to the G7 talks, finance ministers from Germany, France, Italy and Spain all signed a letter relating to digital taxation, calling for a tax system "fit for the 21st century".
They recently wrote a letter, published in the Guardian newspaper, that said: "Introducing this fairer and more efficient international tax system was already a priority before the current economic crisis, and it will be all the more necessary coming out of it."
US President Joe Biden initially called for a global minimum corporate tax rate of 21 percent. However, the Biden administration has since moved the figure to 15 percent.
Tagged in Joe Biden