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2021 is already coming to an end and 2022 is just around the corner. Some major events have certainly stamped 2021, such as the continued existence of COVID-19, COP26 and, in the tax world, agreement on Pillars One and Two.
On global tax reform, the key question is whether US President Joe Biden will be able to persuade Congress to support the changes needed to implement a global plan to tax multinationals more fairly, writes Dick Roche. Dick Roche is a former Fianna Fáil politician. He was the minister of state for European affairs when Ireland conducted the two referendums on the Treaty of Lisbon of the European Union, in 2008 and 2009. When the OECD launched its Base erosion and profit shifting (BEPS) taxation initiative, the Obama administration, while supportive of the project’s aims, was cautious. The U...
Michael Devereux, Clemens Fuest, Ben Lockwood The international taxation of multinational enterprises (MNEs) recently received renewed media and public opinion attention following the commitment by finance ministers of the G7 at their meeting in London on 4-5 June 2021 to a global minimum tax of at least 15% on a country-by-country basis. Negotiations on reforms of international corporate tax rules, including the introduction of a minimum level of taxation, have been ongoing at the OECD Inclusive Framework for a while (OECD 2020), but one of the main novelties of the G7 communiqué stands in ...