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Multinational companies have long used creative but legal ways to shrink their tax bills. One is to book profits from customers in places like Boston and Berlin as if they came from, say, Bermuda, which has no corporate income tax. The world’s richest economies have agreed to a revamp of the global tax system that would undercut the effectiveness of such a strategy while also reallocating the taxes paid by huge technology companies.

United statesUnited kingdomBritish virgin islandsCayman islandsJanet yellenJeff goldsteinUs congressAtlantic councilWhite house council of economic advisersInternational monetary fundInstitute on taxationFedex corpOrganization for economic cooperationEuropean unionTax justice networkNike inc