Reuters reports that the OECD's head of tax said that the chances of a global deal on how multinational companies are taxed have never been higher, although it might take until October to finalise an agreement.

"The chances of success have in my opinion never been higher because there is a real desire on all sides to wrap up this matter," Pascal Saint-Amans told the French Senate's finance committee.

He added he did not think all issues could be totally resolved by July and that it might take until October to finalise a deal.

The talks aim to make the biggest update to international rules for taxing cross-border commerce for a generation to take account of the rise of internet giants like Google and Facebook