Leaders of the world’s twenty major economies have approved a global agreement which will see large multinational businesses taxed at least 15%.
This comes following concerns that multinational companies are re-routing their profits through low tax jurisdictions.
The deal was agreed by all twenty countries meeting in Rome.
The tax deal is expected to be officially adopted on Sunday and will take effect in 2023.
China and Russia did not travel to the G20 meeting, but Xi Jinping and Vladimir Putin appeared via videolink.
Ireland was one of the last countries to sign up to the global corporate tax deal, as the nation has used its 12.5% rate to attract multinational companies for decades.
IMAGE – “PM Boris Johnson speaking at the opening of the UK-Africa Investment Summit in London, 20 January 2020” by DFID – UK Department for International Development is licensed under CC BY 2.0/ “Joe Biden” by Gage Skidmore is licensed under CC BY-SA 2.0