According to the OECD, members have reached a final agreement on a worldwide corporate tax reform that will generate about $150 billion in additional revenue yearly.

The agreement, which includes a 15% minimum corporation tax rate, is expected to be signed as a multilateral convention next year, with implementation planned for 2023.

In a statement on Friday, the OECD said “The groundbreaking deal agreed by 136 countries and jurisdictions, which account for more than 90% of the world’s GDP, will generate more than US $ 125 billion in profits from about 100 of the world’s largest and most profitable multinational companies. We will redistribute it to countries around the world and ensure that these companies pay. OECD will pay a fair tax burden wherever it operates and makes a profit."

The OECD said four countries – Kenya, Nigeria, Pakistan, and Sri Lanka – had not yet joined the agreement. All nations in the Group of 20, European Union, and OECD have joined the deal, OECD chief Mathias Cormann said in a tweet.

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