OECD Inclusive Framework reaches political agreement on Pillar One and Pillar Two has been saved
OECD Inclusive Framework reaches political agreement on Pillar One and Pillar Two
On 1 July 2021, the G20/OECD Inclusive Framework on BEPS published a Statement on the key components of global tax reform including the reallocation of a share of the global residual profit of certain businesses to market countries (Pillar One) and a minimum effective tax rate, on a country by country basis (Pillar Two), as agreed by 131 of its members.
These member countries represent more than 90% of global GDP and this is another huge step for global tax reform on a coordinated basis.
This Tax Insight has been updated as of 7 July 2021.