Bloomberg Tax
Jan. 31, 2020, 10:36 AMUpdated: Jan. 31, 2020, 4:13 PM

Financial Services May Sidestep Part of OECD Global Tax Reform (2)

Hamza Ali
Hamza Ali
Senior Reporter International Tax
Isabel Gottlieb
Isabel Gottlieb

The OECD-led effort to overhaul global tax rules will exclude from part of its plan financial services—including insurance and possibly retail banks—as well as commodities, mining, shipping and airlines, and some professional services.

The move provides clarity on one of the most contentious issues since the Organization for Economic Cooperation and Development proposed the plan in October: Defining who the new rules would apply to.

The organization’s effort is driven by concerns that multinationals, especially tech giants, aren’t paying enough taxes in the countries where they have large user and customer bases. Countries agreed at the meeting to a plan ...

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