World leaders have agreed a new minimum global tax rate at the G7 summit, but Amazon could escape paying the higher levy.

The new 15% rate is intended to put an end to top multinationals recording their profits in low corporate tax rates instead of paying where they conduct their business.

Also as part of the new plan, governments would be allowed to tax a share of the profits of the most profitable companies in the world, regardless of where they are based.

This only applies to large international firms whose profit margins exceed 10%.

That would affect about 100 companies, including US tech giants such as Facebook and Google, but not Amazon.

Despite Amazon's colossal footprint and market capitalisation of more than $1 trillion, its profit margin last year amounted to 6.3%.

French Finance Minister Bruno Le Maire has criticised the potential loophole.

Speaking to broadcaster RMC, Mr Le Maire said: "France will fight to make sure that it does."

Britain's Fair Tax Foundation said this was "just one more reason" for the Group of 20 industrialised and emerging countries to "revisit and embolden the package" when they meet next month.

A source close to the talks confirmed that Amazon overall would not fall under the provisions allowing countries to tax part of its profits.

However, its cloud computing arm, Amazon Web Services, "turns in profits of around 30%" and "it will therefore be taxed on this segment of activity" by different nations, said the source.

There is no other "exception" or loophole in the provisions, the source added.

Amazon, which has been surfing an e-commerce wave since Covid-19 hammered bricks and mortar retail, more than tripled its first quarter net profit for this year to $8.1 billion.

Amazon Web Services meanwhile saw its quarterly sales soar 32% to $13.5 billion.

Like fellow online giant Facebook, Amazon welcomed the G7 accord.

The company called it "a welcome step forward" which will "help bring stability to the international tax system".

Amazon's country director for Italy and Spain, Mariangela Marseglia, said that she was "very happy" with the deal reached at the G7 summit.

She said that it adopts "a uniform approach to the taxation of multinational companies (which) is what we have been trying to pursue for a long time".

Amazon has long supported countries working together on corporate taxation, she said, in order to reduce the risk of double taxation.

That may be an allusion to taxes imposed unilaterally by countries including France, Italy, Spain and Britain which will fall away once a global agreement takes effect.

Amazon has been targeted by the US and several European countries over its tax optimisation arrangements involving sophisticated accounting schemes, which exploit differences in different jurisdictions.

Essentially this involves booking profits in countries with relatively low tax levels while conversely declaring losses where tax levels are higher.

Such measures allow Amazon to lower its tax bill considerably.

Amazon says it is now waiting on the details of a global accord.

The reform now goes to a G20 finance ministers meeting in July before moving to negotiations between 139 countries overseen by the Organisation for Economic Co-operation and Development.