G20 leaders endorsed a sweeping overhaul of international tax rules. Leaders of the world’s 20 largest economies agreed Saturday on a global minimum tax aimed at stopping big business from hiding profits in off-shore tax havens.
Under the deal, big companies must pay a minimum tax rate of 15% wherever they operate, starting in 2023, and it’ll be harder for them to avoid taxes. The endorsement comes as tech giants set up operations in countries with low taxation rates like Ireland.
U.S. President Joe Biden tweeted on Saturday, “This is more than just a tax deal – it’s diplomacy reshaping our global economy and delivering for our people.”
In a statement, U.S. Treasury Secretary Janet Yellen said -in her words - "This deal will remake the global economy into a more prosperous place for American business and workers."
The G20 leaders also agreed to get more COVID vaccines to poorer nations.