Proposal for 15% global minimum tax wins support from 130 countries

AN effort to push the most sweeping changes to the global tax system in a century gained significant momentum on Thursday when 130 nations agreed to a blueprint in which multinational corporations would pay an appropriate share of tax wherever they operate.

The deal approaches a goal that had proved elusive for the global community for decades as countries tried to prevent businesses from shopping for the jurisdiction with the lowest rates - what Treasury Secretary Janet Yellen called a 30-year "race to the bottom" on corporate tax.

The result of the negotiations, overseen by the Paris-based Organization for Economic Cooperation and Development and revived this year by US President Joe Biden, is also remarkable because it includes China, Russia and India among the signatories - large economies that had been wary of a tax overhaul.