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OECD Secretary-General Mathias Cormann. Photo: Dimitrios Karvountzis/Pacific Press/LightRocket via Getty Images

The Organisation for Economic Cooperation and Development on Friday announced that it had reached a deal on global corporate tax rates.

State of play: Over 130 nations backed a 15% minimum global tax rate after years of negotiations. Smaller countries — such as Ireland, Hungary and Estonia — were against raising corporate tax rates because international businesses were attracted in locations that had lower tax rates, per CNBC.

Details: "The landmark deal, agreed by 136 countries and jurisdictions representing more than 90% of global GDP, will also reallocate more than $125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide, ensuring that these firms pay a fair share of tax wherever they operate and generate profits," the OECD said.

  • The deal also sets new rules for the "digital age," with Giants like Amazon and Facebook now being required to pay countries were their products are sold regardless of whether they do or not have headquarters there, the New York Times reports.

What they're saying: "Today’s agreement will make our international tax arrangements fairer and work better," said OECD Secretary-General Mathias Cormann.

  • "This is a major victory for effective and balanced multilateralism. It is a far-reaching agreement which ensures our international tax system is fit for purpose in a digitalised and globalised world economy. We must now work swiftly and diligently to ensure the effective implementation of this major reform," Cormann added.
  • Treasury Secretary Janet Yellen, in a statement, called the deal a "once-in-a-generation accomplishment for economic diplomacy."

What's next: The new deal will go into effect in 2023.

Go deeper

Net-zero emissions fight breaks out before COP26

Illustration: Sarah Grillo/Axios

Here's a sign of how tough it'll be to win new emissions-cutting moves at COP26: Big developing nations are refusing to commit to net-zero emissions by 2050.

Driving the news: That's spelled out in a new statement from countries including China, the biggest greenhouse gas emitter by far, as well as India and Indonesia.

10,000 trees near giant sequoia groves to be removed after fires

A firefighter looks up at a giant sequoia tree after fire burned through the Sequoia National Forest near California Hot Springs, California, on Sept. 23. Photo: Patrick T. Fallon/AFP via Getty Images

"Upwards of" 10,000 trees near giant sequoia groves have been "weakened by drought, disease, age, and/or fire" and must be removed in the wake of California's wildfires, the Sequoia and Kings Canyon National Parks announced.

Why it matters: The damage to these trees, considered "national treasures," and work to remove them means a nearby key highway must remain closed to visitors as they have "the potential to strike people, cars, other structures, or create barriers to emergency response services," per a statement from the national parks.

Obama stumps for McAuliffe, urges Virginians not "to go back to the chaos"

Photo: Win McNamee/Getty Images

Former President Barack Obama framed a Nov. 2 gubernatorial race as a bellwether for the Democratic Party and the country, telling a crowd at a campaign event for Terry McAuliffe on Saturday that "I believe you, right here in Virginia, are going to show the rest of the country and the world that we're not going to indulge in our worst instincts."

Why it matters: With just over a week to go before Election Day in the Commonwealth, McAuliffe is bringing out the big guns. The 44th president appeared on the campus of Virginia Commonwealth University to urge supporters to get to the polls.