The proposed international tax mandate would challenge the role of the OECD in setting global tax policy and has a mission to crack down on tax avoidance by high net worth individuals and companies, and give developing countries a stronger voice in the setting of global tax policy.

At a meeting in New York, 110 nations agreed the terms of reference for an agreement on global tax cooperation. However, it still needs to be approved by the UN General Assembly and the UK, US and EU have said they would vote against the proposals.