G-20 Backs Global Tax Deal, Epic Revamp of Rules Lies Ahead

Negotiators working to overhaul global tax rules have given themselves until 2023 to put the new plan in place, rewriting decades of tax laws and treaties.

If countries successfully negotiate all the remaining details of the two-pillar plan, endorsed by the Group of 20 finance ministers over the weekend, they’ll need to turn the principles of the deal into new laws and agreements effective across the 132 countries that have backed it so far. The OECD will be tasked with building a multilateral tax treaty (MLI)—a sort of super tax treaty that countries will have to sign and ratify. Countries ...