Ireland agrees to global tax deal

Negotiations to overhaul global tax rules have taken a step forward after key holdout Ireland agreed to a global minimum corporate tax rate of 15 percent.

The country announced it was dropping its opposition on Thursday.

Negotiators in July agreed on a framework of imposing a rate of "at least" 15 percent. Ireland, which has a lower corporate tax rate, decided not to sign on.

But the country came on board after the text was updated to drop the wording "at least." It apparently judges this means the minimum rate would not exceed 15 percent.

Officials from 140 countries and territories and other OECD members have been negotiating to form a global tax framework.

The new rules would make technology giants such as Google, Amazon, Facebook and Apple pay their fair share of taxes.

The main pillar of the overhaul is the introduction of a minimum corporate tax rate.

Irish Finance Minister Paschal Donohoe said that some countries wanted higher minimum tax rates and he believes Ireland's position moderated those ambitions.
He went on to say Ireland will continue to be highly competitive.

The negotiators are expected to hold last-minute talks online later on Friday.