The deal still needs formal adoption before it’s enacted into law. After that, member states will have 18 months to adopt it into national law. Earlier on Tuesday, the EU launched a body to help drive policies against tax evasion and avoidance. The so-called EU Tax Observatory will become “a hub of new ideas” that will inform the bloc’s decision-makers by compiling data, and providing research and analysis, the European Commission said.

Read More: EU Sets Up Tax Evasion Policy Hub Amid Push for Global Deal

The moves come as members of the Organization for Economic Cooperation and Development negotiate a global deal to overhaul tax rules and make multinationals pay more in countries where they operate. Momentum toward such an accord has been stoked by proposals from U.S. President Joe Biden’s administration that include a global corporate minimum tax of at least 15%.