Some 130 countries and jurisdictions have signed up to a global taxation reform ensuring that multinationals pay their fair share wherever they operate, the Organization for Economic Co-operation and Development (OECD) says.

The OECD says in a statement that global companies, including US behemoths Google, Amazon, Facebook, and Apple would be taxed at a rate of at least 15 percent.

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The formal agreement follows an endorsement by the G7 group — consisting of several of the world’s wealthy nations — last month at a meeting in Britain when US Treasury Secretary Janet Yellen said a global minimum tax “would end the race to the bottom in corporate taxation.”

Germany hails the deal as a “colossal step towards tax justice.”

Source: The times of Israel