The finance ministers of the Group of Seven(G7) nations have agreed to pursue the creation of a global minimum corporate tax rate of at least 15 percent. 

Reuters said the ministers reached the agreement during a meeting held over the weekend in London. 

Britain’s Chancellor of the Exchequer Rishi Sunak described the deal as “truly historic,” adding that he’s proud the G7 has shown collective leadership at this crucial time in global economic recovery.

The agreement would force multinationals, including Google and Facebook, to pay a minimum tax rate of at least 15 percent in each country they operate.

Under the deal, the world’s biggest companies would not be able to avoid paying taxes by setting up headquarters in countries that have relatively lower tax rates. 

The latest accord is set to be discussed at the Group of 20(G20) Finance Ministers and Central Bank Governors meeting set to open next month. 

In Seoul, a Finance Ministry official said if the G20 countries come to produce a similar deal, it is unlikely to significantly impact South Korea’s tax revenues. The official said South Korea could, rather, see an increase in tax yields if the deal is adopted. 

South Korea’s minimum corporate tax rate is at least 17 percent, higher than the proposed at least 15 percent rate.