A global deal to ensure big companies pay a minimum tax rate of 15 per cent and make it harder for them to avoid taxation has been agreed by 136 nations, the Organisation for Economic Cooperation and Development said on Friday.
The OECD said four countries - Kenya, Nigeria, Pakistan and Sri Lanka - had not joined the agreement, reports Reuters.
"Today's agreement will make our international tax arrangements fairer and work better," OECD Secretary-General Mathias Cormann said in a statement. "This is a major victory for effective and balanced multilateralism."
The OECD said that the minimum rate would see countries collect around $150 billion in new revenues annually while taxing rights on more than $125 billion of profit would be shifted to countries where big multinationals earn their income.