What is a global minimum tax and what will it mean?

Finance Ministers from the Group of Seven (G7) rich nations reached a landmark accord on Saturday backing the creation of a global minimum corporate tax rate of at least 15%, an agreement that could then form the basis of a worldwide deal. Such a deal aims to end what U.S. Treasury Secretary Janet Yellen has called a  "30-year race to the bottom on corporate tax rates" as countries compete to lure multinationals. For all latest news, follow The Daily Star's Google News channel. WHY A GLOBAL MINIMUM TAX? Major economies are aiming to discourage multinationals from shifting profits - and tax revenues - to low-tax countries regardless of where their sales are made.