Over 130 countries and jurisdictions, representing more than 90% of global GDP, joined a new agreement in July 2021 to reform the international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate. This global tax deal – the outcome of negotiations co-ordinated by the OECD for much of the last decade – updates key elements of the century-old international tax system which is no longer fit for purpose in a globalised and digitalised 21st century economy and puts a floor on tax competition by setting a global minimum corporate tax.