G20 Leaders Endorse Global Minimum Tax On Big Businesses

Leaders of the world’s 20 biggest economies have endorsed a global minimum tax of 15 per cent on big multinational businesses.<br />Joe Biden, the president of the United States who is in the Italian capital for the discussions, hailed the tax deal as a game-changer.<br />The tax rules, part of a reform plan inked by almost 140 nations, will make it harder for multinational corporations – including giants like Google, Amazon, Facebook, Microsoft or Apple – from avoiding taxation by establishing offices in low-tax jurisdictions.<br />The rules will also aim to put an end to decades of tax competition between governments to attract foreign investment.