The Global Tax Revolution for Tech Giants Is Delayed to 2024

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 Monday. “We will keep working as quickly as possible to get this work finalized, but we will also take as much time as necessary to get the rules right.”