OECD tax deal will harm UK sovereignty The UK Government is on the verge of surrendering its tax sovereignty to the Organisation for Economic Cooperation and Development (OECD) in Paris, writes Fred de Fossard, head of the British Prosperity Unit at Legatum Institute in the Sunday Express. He says the move that would give away control over the country's ability to set its own taxes for businesses. This decision comes despite the UK's departure from the European Union, which was intended to restore control over money, laws, and borders. The agreement to impose a minimum effective corporate tax rate of 15% for multinational businesses, signed by the UK and 137 other countries, would complicate or frustrate plans proposed by ministers in recent years, Mr de Fossard proposes. The lack of an underpinning treaty framework to handle disagreements in implementation is also likely to result in extra red tape and compliance costs for businesses.