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Finance chiefs greet ‘historic’ progress on global minimum tax rate

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Finance chiefs from around the world welcomed moves towards greater tax justice on Thursday, as countries agreed on a global tax overhaul that the US treasury secretary hailed as “historic.” In Washington, 130 countries agreed to guarantee a minimum tax rate for companies within the framework of the Organisation for Economic Cooperation and Development (OECD). German Finance Minister Olaf Scholz described it as “colossal progress” in tackling tax avoidance practices. The countries represented more than 90 per cent of global gross domestic product, Scholz said, greeting the move as a “massive c…

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