Biden and Yellen get 130 countries to back a global minimum tax, including the G20, in historic breakthrough

Biden and Yellen get 130 countries to back a global minimum tax, including the G20, in historic breakthrough

A US-backed measure to create and tamp down on companies moving from one country to another for lower taxes has won widespread international support, according to an . Officials from 130 countries "” and all G20 nations "” agreed on Thursday to "new to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate," the OECD said. The news was first reported by , which noted that some countries that had pushed back against or expressed hesitancy about the measure have come around. The 130 countries and jurisdictions have have agreed represent over 90% of global GDP, the OECD said, adding that a small group of the 139 members negotiating the tax framework haven't yet agreed. Other details, including implementation, will be finalized in October, it said. This represents a consequential step forward for a measure that could revolutionize international tax law, and one that is a key part of the agenda for Treasury Secretary Janet Yellen and the Biden administration. Last month, G7 leaders backed these calls for a as part of a broader push by the Biden administration to create a " " international economy. According to the Journal, the