For decades, multinational corporations—especially those based in the U.S.—have funneled billions of dollars in profits to tax havens, earning even more money for their shareholders.

That’s why a global agreement brokered in 2021 by the Organization for Economic Co-operations and Development (OECD) was a huge deal: it set a global minimum tax of 15% and included a few ways that countries could collect that tax even if tax havens and companies were not cooperating.

But corporations are already finding new ways to get around that agreement; a development that will end up reducing the amount of corporate taxes countries can collect by about half of what was originally expected—$135 billion annually instead of $270 billion, according to a report released by the E.U. Tax…