The OECD’s International Tax Overhaul Reaches A Pivotal Moment

Efforts to radically reorganise global corporate taxation passed a major milestone when the European Union unanimously agreed to implement Pillar 2, the 15 per cent global minimum tax component of the Organisation for Economic Cooperation and Development’s (OECD) dual-pillared campaign, at the end of last year. While the 138 nations then in the “Inclusive Framework on Base Erosion and Profit Shifting (BEPS)” reached agreement in October 2021 on the minimum tax, along with the Pillar 1 system reallocating tax rights to jurisdictions in which companies make sales but have no physical presence, there were questions regarding if and when domestic implementation would begin to follow.

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