The OECD has admitted that its groundbreaking international tax deal to increase the amount paid by multinationals is falling significantly behind schedule and has no hope of being implemented before the US Congressional elections in November.
Speaking at the World Economic Forum in Davos, Mathias Cormann, the OECD secretary-general, said there were “difficult discussions under way” and that, instead of the deal being implemented in next year, it would come into force at the earliest in 2024.
Since being signed in October, the deal has come under fire in the US from Republicans in Congress, and European unanimity on the subject has also frayed.
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