The new global tax deal arrives (but expect bumps ahead)

Nearly 140 countries have agreed to a new global tax deal, which was years in the making. Estonia, Hungary and Ireland, the last holdouts, joined the agreement at the last moment, after getting some concessions. The redesign calls for a global minimum corporate tax rate of 15 per cent and for multinational giants to pay their “fair share” of taxes in countries where they sell goods and services. Simeon Djankov writes that finding practical ways to achieve agreement on the latter proposal remains problematic.