G-20 Heads Endorse Global Tax Accord, Capping Years of Talks
- Sweeping agreement intended to dim the lure of low-tax havens
- Deal still faces hazards, including in the U.S. Senate
La Nuvola Convention Center, main venue of the G20 Heads of State and Government Summit, in Rome.
Photographer: Celestino Arce/NurPhoto/Getty Images
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Leaders of the world’s biggest economies formally backed an ambitious plan to overhaul the way countries tax multinational companies in a bid to stem competition for the lowest rates.
All of the leaders at a Group of 20 summit in Rome endorsed the new rules on Saturday, “including a global minimum tax that will end the damaging race to the bottom on corporate taxation,” U.S. Treasury Secretary Janet Yellen said in a statement.