New outbreaks of Covid-19 remain one of the top risks to a global economic recovery, the OECD's secretary-general has warned.
In June, finance ministers of the most advanced economies, known as the Group of Seven, backed a U.S. proposal calling for corporations around the world to pay at least a 15% tax on earnings and the agreement has now garnered support from many more countries.
Cormann said the agreement was much-needed, noting that "131 countries have reached an agreement on an internationally consistent way forward when it comes to fair taxation. Globalization and the digitalization of our economies created distortions in efficiencies and serious inequities in our tax system and businesses weren't paying their fair share of tax everywhere where they should.