More than 130 nations have extended a ban on taxes for technology giants by another year until 2025. This comes as countries try to update the international tax system for the digital age. The countries also agreed to delay introducing national digital services taxes for another 12 months to give more time to ratify a global tax deal they signed in 2021. The introduction of these taxes would hinder the global tax deal as it aims to have a coordinated global solution. However, five countries, including Canada, refused to approve the extension. This sets up a potential clash with the US, where many big technology companies are based. The talks focused on implementing a key part of the global tax deal that would redistribute $200 billion in profits from multinationals to countries where sales are made. Disputes over the exact wording of the legal language have delayed the process, but the OECD remains confident that a signing ceremony can still happen by the end of the year. The countries also agreed on measures to ensure the deal can be passed in most jurisdictions, even if not ratified in all participating countries.
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