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World leaders reach landmark global tax deal, setting 15% minimum rate


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Fox Business

The Organisation for Economic Cooperation and Development on Friday announced a landmark agreement to overhaul international tax rules, with more than 130 nations agreeing to a 15% global minimum corporate tax rate and other policies aimed at cracking down on tax avoidance. 


Negotiations, which have lasted for years, were bolstered by the support of President Biden and Treasury Secretary Janet Yellen, as well as the unprecedented costs of the COVID-19 pandemic. 

"Today’s agreement will make our international tax arrangements fairer and work better," Mathias Cormann, OECD's secretary general, said in a statement. "We must now work swiftly and diligently to ensure the effective implementation of this major reform.":snip:

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