Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Global Tax Pact Implementation Now Expected in 2024 (1)

May 24, 2022, 10:52 AMUpdated: May 24, 2022, 7:09 PM

An OECD-led deal to overhaul global tax rules will have to wait to be implemented until 2024, the organization’s top official said Tuesday.

Nearly 140 countries last October backed a 2023 deadline to implement the two-pillar plan. Pillar One would see the largest, most profitable companies shave off a slice of their excess profits and reallocate it to countries where they make sales. Pillar Two would set a 15% global minimum tax.

  • “Initially, we had hoped to be in a position to finalize the multilateral agreement in the middle of this year. We think that that is now more likely ...