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New global rules set to end race to cut corporate taxes

Move set to spark big gains in tax revenues in many countries

TOKYO/NEW YORK -- Decades of some countries cutting their corporate tax rates as they compete to lure big businesses look set to screech to a halt after some 140 nations and regions agreed a new global minimum rate of 15%.

As leaders of the Group of 20 countries in late October endorsed new global tax rules including the minimum rate, U.S. Treasury Secretary Janet Yellen praised the deal, saying it would "end the damaging race to the bottom on corporate taxation."

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