Pillars One and Two: Six Weeks Left to Fill In the Blanks

September 2021
Region: Americas

The global tax policy process being pursued by the OECD/G20 Inclusive Framework on base erosion and profit shifting (BEPS) has been quiet since mid-July, when the G-20 finance ministers blessed the Inclusive Framework’s July 1 statement summarizing the revised features of the Pillar One and Pillar Two plans that would reallocate taxing rights regarding certain large multinational businesses and create a global minimum tax regime. The lack of news does not mean, however, that the Inclusive Framework has stopped working on the project or that it does not intend to present a more complete proposal to the G-20 finance ministers in October of this year, as promised in the July 1 statement.

*This article was first published in Bloomberg Tax on September 14, 2021.