G20 leaders approve OECD corporate tax deal at Rome Summit

The pact was agreed to by all the leaders attending the G20 summit in Rome.

In October, 136 countries reached a deal on a minimum tax on global corporations, including Google, Amazon, Facebook, Microsoft or Apple, to make it harder for them to avoid taxation by establishing offices in low-tax jurisdictions.

US treasury secretary Janet Yellen said the endorsement of the minimum tax would help US businesses and workers, even though the deal also means that many US-based companies will be paying more tax than now. "This deal will remake the global economy into a more prosperous place for American business and workers," Yellen was quoted as saying in a statement by a global newswire.

Fibre2Fashion News Desk (DS)