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International relations

China and India join deal on global minimum corporate tax of 15%

Negotiators from 130 countries and regions eye 2023 start for new rules

A protest sign on a truck drives past a mansion owned by Amazon founder Jeff Bezos  in Washington.   © Reuters

TOKYO -- Negotiators from 130 nations and territories on Thursday reached a broad agreement on corporate taxation meant to halt a race to the bottom in tax rates and pin down borderless tech giants.

The proposed plan calls for a minimum tax rate of at least 15%, an amount pushed for by U.S. President Joe Biden's administration. At the same time, a new digital tax would target about 100 tech companies that make at least 20 billion euros ($23.7 billion) in revenue with a profit margin of 10%.

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