International review for May 2022

OECD BEPS 2.0 developments

On 25 April 2022 the OECD held a public meeting to discuss the feedback it received in response to its recent pillar two implementation framework (IF) consultation.

Following the release of the global anti-base erosion (GloBE) model rules and commentary the IF is the next step in the work to implement a global minimum tax facilitating the coordinated implementation and administration of the model rules. The IF will provide agreed administrative procedures such as filing obligations and multilateral review processes as well as considering the development of safe harbours to facilitate both compliance by multinational enterprises (MNEs) and administration by tax authorities.

A public consultation on the IF began on 14 March 2022 focusing on four key areas: further administrative guidance information collection and reporting...