What could a new system for taxing multinationals look like?

FOR YEARS governments have grumbled, simmered and raged as multinational companies have shifted profits out of tax collectors’ grasp and into low-tax havens. The OECD, a club of mostly rich countries, estimated in 2015 that avoidance robs public coffers of $100bn-240bn, or 4-10% of global corporation-tax revenues a year. Now the fiscal fallout from covid-19 is adding urgency to governments’ efforts to claw some money back—most notably in America, where President Joe Biden plans to raise taxes on corporate profits, including foreign income.