A vast overhaul of corporate taxation won support from 136 countries, as nations resolved key differences over the level of a global minimum rate and an end to new digital taxes that the US has deemed discriminatory.

After years of missed deadlines and wrangling over how to handle global tech firms such as Facebook and Alphabet’s Google, the deal included a 15 per cent minimum rate for corporations and the main parameters of how much profits of the 100 or so biggest multinationals would be taxed in more countries: 25 per cent of profits over a 10 per cent margin.

Bloomberg