Rephrase this conclusion for a policy memo at an undergraduate level.
Corporate tax dodging and tax havens pose significant challenges to governments, taxpayers, and the global economy. The recommendation presented in this memo, implementing a global minimum corporate tax rate, is an effective solution while also providing alternative solutions including, strengthening transfer pricing rules, improving tax transparency, and enhancing domestic tax administration capacity. By fostering international cooperation and enacting comprehensive reforms, governments can reduce corporate tax avoidance, ensure a fairer distribution of tax burdens, and bolster public trust in the tax system. A holistic approach to tax reform should take these potential side effects into account to ensure that the long-term benefits of reform outweigh any unintended drawbacks. Ultimately, a successful global minimum corporate tax would likely require substantial international cooperation and collaboration to design rules that are suitably flexible for different national contexts while providing a robust and fair framework for preventing aggressive tax avoidance by multinational corporations.