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PARIS A group of 136 countries on Friday set a minimum global tax rate of 15% for big companies and sought to make it harder for them to avoid taxation in a landmark deal that U.S. President Joe Biden said leveled the playing field.
A global push to enact a minimum international tax on big corporations moved closer to reality on Friday as one of the last holdouts, Hungary, agreed to join a reform that now counts 136 countries.
The Organisation for Economic Co-operation and Development (OECD)-brokered deal, which sets a global tax of 15 percent, is aimed at stopping international corporations from slashing tax bills by registering in nations with low rates.
“Today’s agreement will make our international tax arrangements fairer and work better,” OECD Secretary-General Mathias Cormann said. “This is a major victory for effective and balanced multilateralism.”
Hungary’s announcement came a day after another