G20 agrees on global minimum corporate tax of 15%

Members of the world’s richest nations, the G20, have reached an agreement on a global minimum corporate tax of 15 percent. The deal aims to prevent countries from excessively reducing tax rates to attract investment. Tech giants like Amazon and Google would no more be able to shop around for the most attractive tax base. The new tax could be in place by 2023. But some countries – like Ireland, Estonia and Hungary – have not signed up.