July 1, 2021
Officials from 130 countries have agreed to overhaul the global tax system to ensure big companies “pay a fair share” wherever they operate.
The OECD said on Thursday that negotiators had backed a proposed minimum corporate tax rate of at least 15%. US Treasury Secretary Janet Yellen said: “Today is an historic day for economic diplomacy.”
Tax on big tech firms has been a source of friction between the US and others.
The Organisation for Economic Co-operation and Development (OECD), which led the talks, said that the plans could generate about $150bn (£109bn) in tax revenues a year.