130 countries have officially signed on to implement sweeping new global taxation rates for corporations.

The changes have gained momentum in recent months following U-S President Joe Biden’s push to action the changes and get other nations onboard.

Countries including India, China and Switzerland have all agreed to the new broad framework that was drafted by the Organization for Economic Cooperation and Development. 

The OECD also says a group of 20 finance ministers will sign an agreement in principle next week at a summit in Venice.

The overhauls, which could be implemented as soon as 20-23, will prevent tax avoidance by multinational companies by enforcing a minimum global tax rate of at least 15-percent.

The new measures will also give smaller countries more tax revenue from foreign firms.

Some nations who have not yet signed onto the agreement include Hungary and Ireland – countries that have both previously attracted businesses due to their low tax rates.

The US Treasury Secretary says it is “an historic day for economic diplomacy.”

She says “in the United States, this agreement will ensure that corporations shoulder a fair share of that burden.

The Treasury secretary believes…we have a chance now to build a global and domestic tax system that lets American workers and businesses compete and win in the world economy.”