G20 leaders approve global minimum corporate tax reform deal: Yellen

G20 leaders have formally endorsed the global agreement for a minimum 15 percent corporate tax, US Treasury Secretary Janet Yellen said on Saturday, hailing it as a “historic” step.

“Today, every G20 head of state endorsed an historic agreement on new international tax rules, including a global minimum tax that will end the damaging race to the bottom on corporate taxation,” she said.

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Yellen said the endorsement of the minimum tax would help US businesses and workers, even though the deal also means that many US-based companies, like the Internet giants, will be paying more tax than now.

“This deal will remake the global economy into a more prosperous place for American business and workers,” Yellen said in a statement.

Read more: G20 leaders find agreement on global minimum corporate tax deal