It is a David against Goliath battle, a bid to snatch control over global tax rules from the world’s wealthiest nations and end the corporate tax dodging that swipes billions of dollars from lower-income countries. And yet, perhaps, David is winning?
Five months after a historic vote to put the United Nations in the driving seat to wrestle the wheel from the Organisation for Economic Co-operation and Development, long described as a “rich man’s club,” campaigners believe change is truly coming.
For decades, OECD members have been accused of dictating tax regulations in the interests of the financial powerhouses of New York, London, Frankfurt, and Tokyo at the expense of the rest of the world — defeating the last attempt at reform some 50 years ago.