Group of Seven countries (G7) are close to reaching agreement on the corporate taxation of multinationals, paving the way for a global deal later in the year, the Financial Times reported.

A G7 deal could be sealed as early as Friday after progress was made among top officials in recent days, the FT said.

If a deal can be agreed informally by finance ministers, the G7 leaders could formally sign it at the June 11-13 G7 summit, presenting a plan to the 135 nations negotiating under the “inclusive framework” at the Organization for Economic Co-operation and Development, the FT said.