The decision - which will be formally hammered out on Sunday - involves the introduction of a global minimum level of 15 percent corporation tax and an associated package to move taxation of parts of the profits of multinational corporations to countries where the sale takes place.

The prevailing principle is that the companies are taxed on profits where the head office and production are located.

"Today, the leaders of all G20 countries approved a historic agreement on new international tax rules that will stop the damaging competition to tax companies as low as possible," said US Treasury Secretary Janet Yellen.

"More than a tax settlement"

Profitable multinational corporations - with a profit margin of over ten percent and a global turnover in excess of 20 billion euros - are affected by the new rules, which according to the G20 leaders' announcement on Saturday will be implemented in national legislation around the world.

The idea is to prevent the company giants from exploiting tax havens.

Joe Biden had originally wanted to see a tax of 21 percent.

But after Saturday's deal in Rome, he tweeted that "this is more than a tax deal - it's diplomacy that is reshaping our global economy."

Vaccine for poor countries

The G20 countries also discussed, on this first of two meeting days, other issues that are considered crucial for increased global justice and equality.

Host Italian Prime Minister Mario Draghi highlighted the need to increase covid-19 vaccine deliveries to poor countries.

He pointed out that only three percent of the population in the world's poorest countries are vaccinated.

"These differences are morally unacceptable and undermine the global recovery," he said, urging him to do "everything we can" to achieve the WHO goal of 70 percent of the world's population receiving at least one injection by the middle of next year. .

Both Russian President Vladimir Putin and Chinese President Xi Jinping participated via link.

Putin complained about "dishonest competition" and protectionism as reasons for the unequal vaccine distribution in the world.