OECD Secretary General Mathias Cormann has announced that the implementation of Pillar One of the OECD's global tax framework will be delayed until 2024 at the earlier, rather than 2023 as originally planned. Cormann was speaking during a panel at the World Economic Forum in Davos, Switzerland.

The Secretary General said that although it was intended that a multilateral convention to implement Pillar I would be agreed in time for a G7 summit in June, it was more likely to be agreed upon in time for a G20 meeting in November.

Pillar One targets companies which generate billions in revenues -including Google, Amazon, Facebook, and Apple -and aims to establishes new rules for the allocation of profits among various countries, regardless of whether the companies have a physical presence in those countries.

The likelihood is that Pillar Two, which sets out a minimum global tax, will be implemented sooner.