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Global Tax Overhaul Delayed by Dragged-Out Technical Talks

May 24, 2022, 11:45 AM

A global overhaul of corporate tax rules for the largest multinationals won’t come into effect until at least 2024 as technical details are taking longer to finalize than initially expected.

The Organization for Economic Cooperation and Development is still working on the part of the reform known as Pillar One that requires a multilateral agreement to determine where large tech firms will pay tax. It had planned to finalize the plans by the middle of this year for implementation in 2023, but that time-line has slipped, the group’s Secretary General Mathias Cormann said at the World Economic Forum in Davos. ...