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Progress report on OECD’s proposals for Pillars 1 and 2
Published on 01 Oct 22 by "THE TAX SPECIALIST" JOURNAL ARTICLE
The G20 political agreement in October 2021 on Pillar 1 (assigning taxing rights to market jurisdictions over the 100 largest multinationals) and Pillar 2 (implementing a global minimum corporate tax at 15%) was a watershed in international taxation. The proposed implementation of both in 2023 was very ambitious — way too ambitious as it seems to be turning out. Pillar 1 still has a long way to go technically and politically, and remains in doubt. Pillar 2 was always further advanced technically and politically, but is unlikely to start until 2024 at the earliest. This article outlines the current progress towards implementation and the main technical difficulties. And movement continues — after the article’s completion, the Australian Government released a broad consultation paper on implementing the agreement and the Inclusive Framework on BEPS released a further progress report on administration and dispute resolution for Pillar 1.
Author profiles
Prof Richard Vann
Richard is Challis Professor of Law at the University of Sydney and has taught at Harvard and NYU Law Schools and the Universities of Amsterdam, London and Oxford. Richard has worked in the past at the IMF and OECD and held many Government consultancies in Australia and elsewhere. He has been a consultant for specialist tax firm Greenwoods & Herbert Smith Freehills since 1985. Richard specialises in corporate and international taxation on which he has published widely both in Australia and internationally. - Current at 15 June 2022
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