image copyright image caption The President Biden (center) has made corporate tax a priority
Will it work and will Amazon and Facebook be affected?
Many details are yet to be determined, including which companies will be covered and what changestax countries will see.
There have been concerns that Amazon will not be affected.
While the company is making huge profits in some areas, it currently makes less than the 10% profit needed to be included in the new tax rules.
However, US Treasury Secretary Janet Yellen has said Amazon and Facebook will qualify. according to almost all definitions ".
In the meantime, charities have complained that the agreed minimum rate of 15% is too low, and will not prevent tax havens from functioning.
The director Oxfam Executive Gabriela Bucher said the agreement would benefit the G7 states, but not the poorest countries.
What about countries that do not haven't signed up?
The chord is a big moment, but it's only'an agreement between the seven most advanced economies.
Other big nations, like China and Russia, will discuss the deal at the G20 meeting in July, before 139 countries analyze it.
If the bigger countries do sign on, then the deal could "create momentum for many more to follow suit ", according to Sanger.
However, the deal is far from being concluded and it will take years to negotiate.