The OECD said Monday it expects a new convention between 135 governments for taxing multinationals to be ready for signing in the first half of 2023, and implemented in 2024. It had originally aimed to complete each step a year earlier. (The Logic)

Talking point: Since the OECD-led negotiations produced an initial agreement in October 2021, the Liberal government has promised to impose a Canada-specific digital services tax (DST) starting in 2024 if the new global system isn’t in place by then. The delayed timeline announced Monday makes that more likely. “Canada’s position has not changed,” Adrienne Vaupshas, a spokesperson for Finance Minister Chrystia Freeland, said in a statement to The Logic on Monday. Ottawa intends to move forward with legislation—a draft of which it published in December 2021—that puts the DST on the books, but “it is our sincere hope that the timely implementation of the new international system will make this DST unnecessary,” she said. The OECD will entertain public feedback on draft rules implementing the shift—which will allow countries to tax firms based on where they earn revenue, not just where they have offices—through mid-August.