The Organization for Economic Cooperation and Development, which is overseeing the global negotiations, said that proposed rules would not be unveiled until the middle of next year. The move is expected to push enactment of the agreement, which had been intended by next year, to at least 2024
The two-pronged approach entails countries enacting a 15% minimum tax so that companies pay a rate of at least that much on their global profits no matter where they set up shop
Image: Annegret Hilse / Reuters
The most ambitious tax overhaul in a century faced a new setback Monday when the Organization for Economic Cooperation and Development, which is overseeing the global negotiations, said that proposed rules for how the world’s largest companies would be taxed would not be unveiled until the middle of next year.
The delay is expected to push enactment of the agreement, which had been intended by next year, to at least 2024. That will give negotiators more time to hash out a thicket of complicated details surrounding how to rewrite international tax treaties and enact a global minimum tax of 15% in more than 130 countries.
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