Despite its reservations, Switzerland said Thursday it will go along with a global corporate minimum tax. Breakthrough negotiations yielded consensus on the issue at the Paris-based Organisation for Economic Cooperation and Development (OECD). A Thursday statement by 130 OECD countries approved a tax rate of at least 15% and taxing more of the profits of the biggest multinationals in countries where the profits are earned. Only nine nations, including Ireland, opted out. "It's the most important international tax deal reached in a century," French Finance Minister Bruno Le Maire said. Speaking in Washington, German Finance Minister Olaf Scholz declared the race to the bottom in tax competition over. "It's a really big breakthrough, and it will change everything." Scholz said the next step was to ensure that finance officials from the Group of 20 major economies endorse the plan when they meet in Venice July 9-10, following a similar move by the G7 advanced economies last month.
