U.S., OECD Say They Are Quietly Optimistic on Global Tax Deal

(Bloomberg) -- U.S. Secretary of State Antony Blinken said he shares optimism that countries working on an overhaul of global tax rules can get a deal by the end of the month. 

Speaking at the Organization for Economic Cooperation and Development, which is chairing the talks, Blinken said a deal is a “once-in-a-generation opportunity” to help raise incomes needed for government to invest and reconstruct their economies after the Covid pandemic. 

The 140 countries in the talks will meet at the OECD in Paris on Friday to finalize details of a global minimum rate and rules for sharing rights to tax multinationals. The deal would be then be submitted to the Group of 20 countries for approval. 

“I’m quietly optimistic that in time for the G-20 leaders summit at the end of October we will be in a position to finalize an agreement,” OECD Secretary General Mathias Cormann said. “A lot of work has been done, we are very close.” 

“I share the quiet optimism,” Blinken said, standing alongside Cormann in the French capital. “We still have some work to do, but I think we made good progress in the last couple of days and we want to bring this over the finish line.”

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