Global Tax Pact Leaves Questions Over Industry Carve-Outs

A deal announced earlier this month to overhaul global tax laws has promised to exempt financial firms and oil and gas companies from new rules, but a lack of details on the scope of those carve-outs and how they would work could create challenges in reaching a final agreement later this year.

The deal would shift more of the taxes paid by the world’s biggest companies to the countries where they have sales, to address concerns that some multinationals—especially big tech giants like Amazon and Facebook—aren’t paying enough in taxes. The deal, brokered by the OECD and 132 countries earlier ...