Sentence:  It is <WSD>time</WSD> the international community faced the reality: we have an unmanageable, unfair, distortionary global tax regime. It is a tax system that is pivotal in creating the increasing inequality that marks most advanced countries today – with America standing out in the forefront and the UK not far behind. 
Meaning of the word marked with <WSD> tags:  A particular moment or hour; the appropriate moment or hour for something (especially with prepositional phrase or imperfect subjunctive).