There’s a web of exemptions that make global coverage infeasible.

Ireland, Estonia and Hungary, all low tax countries, dropped their objections this week as a compromise emerged on a deduction from the minimum rate for multinationals with real physical business activities abroad.

‘No Teeth’

However, many developing countries have said their interests have been ignored and that wealthy nations were likely to continue  the spoils of foreign direct investment.

Argentine Economy Minister Martin Guzman said on Thursday that the proposals forced developing countries to choose between "something bad and something worse".

Campaign groups such as Oxfam said that the deal would not end tax havens.

"The tax devil is in the details, including a complex web of exemptions," Oxfam tax policy lead Susana Ruiz said in a statement.

"At the last minute a colossal 10-year grace period was slapped onto the global corporate tax of 15%, and additional loopholes leave it with practically no teeth," Ruiz added.

Companies with real assets and payrolls in a country can ensure some of their income avoids the new minimum tax rate. The level of the exemption tapers over a 10-year period.