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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

Trump to fight release of tax returns to Congress

Former President Trump during a July rally in Phoenix, Arizona. Photo: Brandon Bell/Getty Images

An attorney for former President Trump told the Wall Street Journal Monday he intends to fight a Department of Justice order to release his tax returns to the Democratic-led House Ways and Means Committee.

Driving the news: The DOJ said in a memo to the Treasury Department last Friday that the committee had a "legitimate legislative purpose" to access the returns. A judge has asked the parties to provide a time frame for written arguments by Wednesday, the WSJ notes.

Manhattan, Westchester prosecutors request evidence from Cuomo investigation

Gov. Cuomo during a press conference in New York City on Aug. 2. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

The district attorneys for Manhattan and Westchester County on Wednesday requested evidence related to New York Attorney General Letitia James' investigation into sexual harassment allegations against Gov. Andrew Cuomo (D), according to a letter obtained by NBC News.

Why it matters: The district attorneys are investigating if alleged conduct highlighted in an independent report published by James' office that occurred in their jurisdictions was criminal in nature.

Scoop: Buzzy media startup Puck launches in beta

Puck.news

Puck, a splashy new digital media company, is coming out of stealth mode, Axios has learned. The company debuted its landing page, puck.news, on Wednesday, and will officially launch its website in September.

Why it matters: The company has been quietly building a roster of top talent, but hadn't confirmed its branding or exact business plans up until now.