International review for July 2022

As has consistently been the case throughout this year, this month has seen some developments in respect of BEPS 2.0 pillar one continues to develop, with the OECD releasing a progress report and consultation document on Amount A. Progress on pillar two in the EU continues to stall, and this has created disagreement on how to progress with some EU bodies looking to alternatives to unanimity, such as enhanced cooperation. In the meantime, the UK became the first country to issue draft legislation implementing pillar two. The European Parliament made a breakthrough in agreeing revisions to some ‘fit for 55’ proposals, which created waves last month. Furthermore, as has been the trend over the last few months, more jurisdictions have had transfer pricing developments.