Ireland this week signed on to a major minimum corporate tax initiative, adding key support to a measure already supported by well over 100 countries worldwide.

The member nations of both the Organization for Economic Cooperation and Development and the G20 have all endorsed the measure, which would set a minimum tax rate of 15 percent in all participating nations. 

Ireland in recent decades has been known as a major tax draw for multinational companies, having kept its tax rate lower than many of its European neighbors as well as the U.S. 

OECD Secretary-General Mathias Cormann called the measure “a major victory for effective and balanced multilateralism.”

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