2025 saw two quite different types of negotiations in international tax. In one, the countries of the world have been negotiating at the United Nations, to agree how they can cooperate to end the vast tax abuse of multinational companies and wealthy individuals with hidden offshore assets. These negotiations are conducted in full public view, and with the stated aim of delivering much fairer outcomes. One country, the United States, has withdrawn, refusing to participate in a transparent process where each country has an equal voice.
In the other negotiation, which took place entirely behind closed doors, the rich countries that form the OECD simply caved in. They abandoned the attempt to tax US multinationals fairly, in an effort to appease Donald Trump. They have given up billions of dollars of revenues that would otherwise fund public services without so much as a parliamentary debate, never mind public scrutiny or a vote. And because this submission took place in the OECD, which has no voting mechanism, no transparency over decision-making and no meaningful voice for most countries of the world, the rich countries’ refusal to stand up for their own people will also strip revenue from all others.
But for one thing, the last chance we all now have. The first set of negotiations continues this year. These are scheduled to deliver a UN Framework Convention for International Tax Cooperation to the United Nations General Assembly in 2027. The critical decisions on the substance of the Convention will be taken this year, 2026, across three negotiating sessions in New York and Nairobi.
If our governments do not stand up for their own taxing rights now, and ensure the Convention meets the intended ambition, the chance to deliver fair taxation will be gone – perhaps for a generation.
If ever there was a moment to demand better from our governments – to demand they work collectively to defend national tax sovereignty, in support of democracy – it is surely now. If ever there was a time to end the policy of appeasing the bully in the White House, it is now.