You're imagining that major corporations will move to Sri Lanka? Moving from SV to Texas is considered bold, but try persuading employees to move out of the OECD, and then finding talent there.

Also, businesses actually benefit from and prefer to operate in a well-funded, well-regulated, free society. Those are the societies with freedom, customers, competent and fair legal systems, safety, money, infrastructure, etc. The corporation is part of the society they operate in - they aren't a customer of it, they are the makers of it (just like you and me). They have a stake in making it work well. That will be true wherever they go.

They might observe that most leading businesses were developed in wealthy countries (wealthy localities, even) where those businesses pay taxes - more taxes than now in the US, for the most part. Even in the US - what great industry has come out of a low-tax area? Oil doesn't count.

"Alongside a minimum corporate tax rate, the pact includes provisions to ensure that multinational companies pay tax where they generate sales and profits, and not just where they have a physical presence. That could have major ramifications for tech companies such as Google and Amazon, which have amassed vast profits in countries where they pay relatively little tax."

I share your skepticism generally, but it seems like this agreement is a good step towards getting corporations to pay taxes. There's no point in starting a shell company in the Caymans if your taxes are paid based on where your products were purchased.