G7 strikes deal to shield US multinationals from higher global taxes, FT reports

G7 Foreign Ministers summit in La Malbaie

(Reuters) -The G7 has reached an agreement that would exempt U.S. multinational companies from paying more corporate tax overseas, the Financial Times reported on Saturday, citing people familiar with the discussions.

The deal, backed by Washington and other G7 members, would allow U.S. companies to avoid certain overseas taxes due to levies already paid in the United States, the report said.

(Reporting by Bipasha Dey in Bengaluru; editing by Diane Craft)