EXPLAINER: Curbing tax avoidance by multinational companies

FRANKFURT, Germany (AP) — The Biden administration is pushing for agreement on a global minimum tax. The proposal from President Biden and Treasury Secretary Janet Yellen calls for at least a 15% rate to deter companies from using legal and accounting techniques to shift profits to low-tax countries. The proposal has given new energy to international talks being held in Paris and raised hopes of a deal by July. The goal is to reverse a decades-long trend of dwindling corporate tax revenue. Companies have increasingly moved profits to small countries offering ultra-low rates. A global minimum would stop that _ and help countries pay for their massive relief efforts during the pandemic.