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Photo: Justin Tallis - WPA Pool/Getty Images

130 countries around the world — including, crucially, China and India — have agreed on a 15% minimum corporate tax rate, in a move designed to prevent what Treasury Secretary Janet Yellen called a "self-defeating international tax competition."

Why it matters: Corporations will have to pay tax of at least 15% no matter where they operate in the world. The OECD framework, agreed to Thursday but many years in the making, includes penalties for companies and jurisdictions attempting to bypass the rule.

The big picture: Companies have become expert at concentrating their profits in jurisdictions with low or zero corporate tax rates. (Switzerland, Ireland and the Netherlands are all popular.) That tax dodge — which is entirely legal — will become much less attractive once this agreement comes into force.

How it works: The minimum tax will apply to large multinational companies. Any profitable firm with revenues over €20 billion ($24 billion) will be included from the start, with that number expected to decline to €10 billion ($12 billion) in time.

What's next: The rules will be brought into domestic law in 2022, and will take effect in 2023.

The bottom line: Companies will retain broad latitude in where they pay tax; they just won't have as much freedom as they currently do over whether they pay tax.

Go deeper

Oct 7, 2021 - Podcasts

How South Dakota became a tax haven for the ultra rich

South Dakota has become a haven for an estimated $360 billion for the wealthy, according to the leaked financial documents in the Pandora Papers. Even though it’s one of the least populated states in the U.S., it now ranks as one of the top tax haven jurisdictions.

Axios Re:Cap talks with Axios’ chief financial correspondent Felix Salmon, who’s been reporting on what the Pandora Papers revealed about South Dakota.

Bank of America raises its minimum wage to $21 an hour

Photo: Justin Sullivan/Getty Images

Bank of America will pay its U.S. workforce at least $21 an hour, the bank announced Wednesday.

Why it matters: The increase — which means a large portion of the bank's 174,000 workers in the U.S. will get raises — puts Bank of America at nearly three times the minimum wage of $7.25 per hour, per CBS News.

Yellen warns debt ceiling breach could trigger recession

Photo: Al Drago/AFP via Getty Images

Treasury Secretary Janet Yellen told CNBC on Tuesday that the U.S. could face a recession if Congress fails to raise the debt ceiling by Oct. 18.

Driving the news: President Biden on Monday urged Republicans to "get out of the way" and let "Democrats vote to raise the debt ceiling this week."