G20 ministers approve deal to tax multinational firms

Finance ministers and central bankers from G20, the countries with the 19 biggest economies and the European Union, green light a"revolutionary" deal to tax multinational companies more fairly.

On Saturday, the ministers also called on other countries to join them in the deal to achieve "a more stable and fairer international tax architecture". "If there is a deal today, there is no turning back. It will be implemented... it's a kind of tax revolution," French Finance Minister Bruno Le Maire said on Saturday before the deal was agreed on.

But the Venice talks have been an opportunity to thrash out further details and exert pressure on those that have not yet signed up to the deal, struck under the auspices of the Organisation for Economic Cooperation and Development , a club of 38 wealthy economies. The minimum rate is expected to affect fewer than 10,000 major companies, but the OECD estimates an effective 15 percent rate would generate an extra $150 billion in revenue per year.

It would initially apply to the top 100 or so companies, and is targeted at the most aggressive users of tax-reducing domiciles, such as technology giants Google, Amazon, Facebook, and Apple.

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