G-20 heads endorse global tax accord

FRANKFURT: Leaders of the world’s biggest economies formally backed an ambitious plan to overhaul the way countries tax multinational companies in a bid to stem competition for the lowest rates.

All of the leaders at a Group of 20 (G-20) summit in Rome endorsed the new rules on Saturday, “including a global minimum tax that will end the damaging race to the bottom on corporate taxation,” United States Treasury Secretary Janet Yellen said in a statement.