Nearly 140 countries reach deal on corporate minimum tax

Paschal Donohoe welcomed the deal saying it "demonstrates the importance of working together to achieve positive outcomes for the world". Picture: Julien Behal

Nearly 140 countries have agreed on a tentative deal that would make sweeping changes to how big multinational companies are taxed to deter them from stashing profits in offshore havens where they pay little or no tax.

The agreement announced on Friday foresees countries enacting a global minimum corporate tax of 15% on the biggest, internationally active companies.