US Sec of Treasury Janet Yellen praises tax agreement

U.S. Treasury Secretary Janet Yellen praised an agreement by the G7 on Saturday to support a global minimum corporate tax of at least 15%, hailing it as a step towards ending the "race-to-the-bottom in corporate taxation". It is hoped the agreement will deter multinational companies from avoiding taxes by stashing profits in low-rate countries. She called the agreement an "historic achievement". The tax proposals endorsed Saturday have two main parts. The first part lets countries tax a share of the profits earned by companies that have no physical presence but have substantial sales, for instance through selling digital advertising. The other main part of the proposal is for countries to tax their home companies' overseas profits at a rate of at least 15%.