World leaders reach landmark deal on a global corporate tax rate

The Organization for Economic Cooperation and Development on Friday announced a major breakthrough on corporate tax rates, after years of disagreement.

The group of developed nations agreed to a global minimum corporate tax rate of 15%. This marks a huge shift for smaller economies, such as the Republic of Ireland, which have attracted international firms — to a large extent — via a lower tax rate.

“The landmark deal, agreed by 136 countries and jurisdictions representing more than 90% of global GDP, will also reallocate more than USD 125 billion of...