On other issues crucial to fairness across the globe - including access to COVID-19 vaccines - the summit on the first of its two days heard pleas to boost the percentage of those in poor countries being vaccinated. The minimum rate вЂњcompletely eliminates the incentive for businesses around the world to restructure their affairs to avoid tax,вЂќ Cormann contended. Mathias Cormann, secretary-general of the Paris-based Organization for Economic Cooperation and Development, said that the deal clinched in Rome вЂњwill make our international tax arrangements fairer and work better in a digitalized and globalized economy.вЂќ That is a clear signal of justice in times of digitalization.вЂќ The world community has agreed on a minimum taxation of companies. These companies can then assign earnings to a subsidiary in a tax haven country.Д«riefing reporters midway through the summit, German Chancellor Angela Merkel said: вЂњThere are good things to report here.

These days, multinationals can earn big profits from things like trademarks and intellectual property. The agreement aims to discourage multinationals from stashing profits in countries where they pay little or no taxes. вЂњThis is more than just a tax deal - it's diplomacy reshaping our global economy and delivering for our people.вЂќ вЂњHere at the G20, leaders representing 80% of the world's GDP - allies and competitors alike - made clear their support for a strong global minimum tax,вЂќ the president said in the tweet. President Joe Biden's original call for a 21% minimum tax. Yellen predicted in a statement that the deal on new international tax rules, with a minimum global tax, вЂњwill end the damaging race to the bottom on corporate taxation.вЂќ It awaited formal endorsement at the summit Saturday in Rome of the world's economic powerhouses. G-20 finance ministers in July had already agreed on a 15% minimum tax. Yellen as benefiting American businesses and workers. The move by the Group of 20 summit in Rome was hailed by U.S. ROME (AP) - Leaders of the world's biggest economies on Saturday endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses.

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