Africa Business Radio

Leaders of the world’s 20 biggest economies have endorsed a global minimum tax of 15 per cent on big multinational businesses.Joe Biden, the president of the United States who is in the Italian capital for the discussions, hailed the tax deal as a game-changer.The tax rules, part of a reform plan inked by almost 140 nations, will make it harder for multinational corporations – including giants like Google, Amazon, Facebook, Microsoft or Apple – from avoiding taxation by establishing offices in low-tax jurisdictions.The rules will also aim to put an end to decades of tax competition between governments to attract foreign investment.