China is among the 130 countries, representing over 90% of global gross domestic product, to back the minimum corporate income tax of at least 15%, reported the South China Morning Post.
The Organization for Economic Cooperation and Development said the minimum corporate tax could produce $150 billion in excess global tax revenues each year. No carveouts for China were reported.
Details of the agreement are expected to be agreed upon by October and the new regulations are to take effect by 2023.