AMWatch

The global tax revolution for tech giants is delayed to 2024

A worldwide effort to strengthen the powers of countries outside the US to tax big firms like Amazon and Facebook is facing difficulties on multiple fronts, which is setting back attempts to implement new systems.

Photo: Ralph Orlowski/Reuters/Ritzau Scanpix

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.

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