CNBC: World leaders reach landmark deal on a global corporate tax rate
* The breakthrough comes after some changes were made to the original text.
* Notably that the rate of 15% will not be increased at a later date, and that small businesses will not be hit with the new rates.
* This helped Ireland — a longtime opponent of raising corporate tax rates — to get on board with the plan.
The Organization for Economic Cooperation and Development on Friday announced a major breakthrough on corporate tax rates, after years of disagreement.
The group of developed nations agreed to a global minimum corporate tax rate of 15%.
This marks a huge shift for smaller economies, such as the Republic of Ireland, which have attracted international firms — to a large extent — via a lower tax rate.
Editor: Bend over folks it’s coming.