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This is how a global minimum corporate tax could affect the FANG stocks

FAANG stocks displayed at the Nasdaq.
Adam Jeffery | CNBC

A global minimum corporate tax rate could pose headwinds for Facebook, Amazon, Netflix and Alphabet, but shouldn't be as bad as feared, according to Bank of America.

Finance ministers from a key group of industrial countries on Saturday pledged to enforce a global minimum corporate tax rate of at least 15%. While higher taxes are likely to take a bite out of the so-called FANG group's earnings, Bank of America noted that they could lead to less uncertainty about taxing the globe's internet giants.

"We expect new International laws raising average taxes to be introduced, but new tax laws could eliminate [the] need for special digital taxes, and reduce some of the sector regulatory uncertainty and overhang," wrote analyst Justin Post.

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