Over 130 Countries Reach Agreement to Set Corporate Minimum Tax at 15 Percent

The Organisation for Economic Co-operation and Development (OECD) headquarters in Paris, France, on June 7, 2017. Francois Mori/AP Photo

A group of 136 countries on Friday set a minimum global tax rate of 15 percent for big companies.

Negotiations have been going on for four years and while the costs of the coronavirus pandemic gave them additional impetus in recent months, a deal was only agreed upon when Ireland, Estonia, and Hungary dropped their opposition and signed up.