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Finance chiefs from the Group of 20 (G20) major economies endorsed Wednesday a global minimum corporate tax rate of 15% and other new rules to address tax avoidance by IT giants, while vowing to act as necessary over rising inflation rates.

The plan for the once-in-a-century corporate tax reform crystallized through international negotiations at the Organization for Economic Cooperation and Development, with the G20 members welcoming in their joint communique the establishment of “a more stable and fairer” global tax regime.

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