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One hundred and thirty countries have reached an agreement on implementing a better system of taxation, under the aegis of the OECD. This could be real, historic progress, says Bernd Riegert. Escaping to tax havens should no longer be worth the while for large corporations The world is truly on the verge of a “colossal” upheaval of the tax system applied to big companies. This was how German Finance Minister Olaf Scholz hailed the agreement reached in principle by 130 countries, under the guidance of the Organization for Economic Cooperation and Development (OECD). It really can be described as historic. For the first time in 100 years, the global community is set to agree on a radical restructuring of the tax system that would make it fairer with regard to the global economy, including online business.

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