After years of negotiations the Group of 7 - or G7 - says it's time for a new international tax system.

They're agreeing to at least a 15% corporate tax rate in countries around the globe - unthinkable not that long ago.

Chris Cocozza, a tax expert and professor of business with DeSales University, says foreign digital service taxes, that range from 3-7% of total revenue, have pushed countries to come up with a solution.

"They're being implemented across the board by different countries," Cocozza said.

In addition to setting a new standard, the agreement would change that digital service tax to one, unified global system.

"And the tech companies are actually happy with that, because it gives some kind of consistency," Cocozza said. "The tech companies are on board to saying, you know, we'll give into the idea that Google will pay tax to a country like France, even though it doesn't have a physical presence."

Of course, each country will have to implement its own legislation to meet the agreement, which may be easier said than done.

Republicans like Pennsylvania Sen. Pat Toomey have argued this proposal won't work and will stifle competition.

"The real fly in the ointment is, is the G7 going to be able to get the G20 countries to adopt this same provision," Cocozza said.

So, the next challenge will be getting the Group of 20 - the G20 - to sign onto the agreement as well.

Some countries, like Ireland, have done well with incredibly low tax rates and don't want to change them.

The hope is if enough large countries sign on, then it will put pressure on others to do the same.

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