Welcoming the deal as the most important international tax deal reached in a century, French Finance Minister Bruno Le Maire said he would try to win over those holding out. In the European Union, the deal will need an EU law to be passed, most likely during France's presidency of the bloc in the first half of 2022, and that will require unanimous backing from all EU members. tech firms with its 12.5% corporate tax rate, said he was 'not in a position to join the consensus,' but would still try to find an outcome he could support. Irish Finance Minister Paschal Donohoe, whose country has attracted many big U.S. Holdouts risk becoming isolated because not only did all major economies sign up, but so did many noted tax havens such as Bermuda, the Cayman Islands and the British Virgin Islands. The nine countries that did not sign werethe low-tax EU members Ireland, Estonia and Hungary as well as Peru, Barbados, Saint Vincent and the Grenadines, Sri Lanka, Nigeria and Kenya. Technical details are to be agreed by October so that the new rules can be implemented by 2023, a statement from countries that backed the agreement said. The broader agreement will go to the Group of Twenty major economies for political endorsement at a meeting in Venice next week. The Group of Seven advanced economies agreed in June on a minimum tax rate of at least 15%. The minimum corporate tax does not require countries to set their rates at the agreed floor but gives other countries the right to apply a top-up levy to the minimum on companies' income coming from a country that has a lower rate. administration official said there were no China-specific carveouts or exceptions in the deal. One source close to the talks said it had taken tough negotiations to get Beijing on board. 'They will no longer be able to avoid paying their fair share by hiding profits generated in the United States, or any other country, in lower-tax jurisdictions,' he said. 'With a global minimum tax in place, multinational corporations will no longer be able to pit countries against one another in a bid to push tax rates down,' U.S. New rules on where the biggest multinationals are taxed would shift taxing rights on more than $100 billion of profits to countries where the profits are earned, it added. It said 130 countries, representing more than 90% of global GDP, had backed the agreement at the talks. The Paris-based Organisation for Economic Cooperation and Development, which hosted the talks, said a global minimum corporate income tax of at least 15% could yield around $150 billion in additional global tax revenues annually. PARIS, July 1 (Reuters) - Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have backed plans for new rules on where companies are taxed and a tax rate of at least 15%, they said on Thursday after two days of talks. Deal to be finalised by October and take effect in 2023.OECD says 15% minimum tax could boost revenues by $15o bln.EU members Ireland, Hungary and Estonia did not sign deal.

12.5 out of 15