G-20 endorses global corporate minimum tax: What it means for business

It aims to deter multinationals from stashing profits in countries where they pay little or no taxes--commonly known as tax havens.

Leaders of the world's biggest economies on Saturday endorsed a global minimum tax on corporations, a linchpin of new international tax rules aimed at blunting the edge of fiscal paradises amid skyrocketing profits of some multinational businesses.

The endorsement aims to deter multinationals from stashing profits in countries where they pay little or no taxes--commonly known as tax havens.

The proposal was finalized in October among 136 countries and sent to the G-20 for a final look after complex talks overseen by the Organization for Economic Cooperation and Development. It would update a century's worth of international taxation rules to cope