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The Global Tax Revolution for Tech Giants Is Delayed to 2024

July 11, 2022, 9:00 AM

A global taxation deal heralded as a “revolution” for the profits of multinational tech firms has run into a thicket of technical difficulties that will delay implementation to 2024 at the earliest.

Work at the Organization for Economic Cooperation and Development on a legal instrument to change tax treaties the world over has proved tougher than foreseen when negotiators initially set next year as a target for the new system to come into force.

“These are complex and very technical negotiations in relation to some new concepts that fundamentally reform international tax arrangements,” OECD Secretary-General Mathias Cormann said ...