US issues revised report on international tax proposals addressing profit shifting pillars 1 and 2 

February 01, 2024

On 31 January 2024, the U.S. Congressional Research Services (CRS) published the revised "In Focus" report on International Tax Proposals Addressing Profit Shifting: Pillars 1 and 2. On June 5, 2021, finance ministers of the Group of 7 (G7)

See More

OECD: Update of Estimated Revenue Gains from Pillar Two

January 21, 2024

On 9 January 2024 the OECD held a webinar to introduce the updated assessment of the projected economic impact of the global minimum tax under Pillar Two of the two pillar solution to international tax. The OECD has used improved methodology and

See More

Norway: MoF issues public consultation paper implementing pillar two minimum tax

June 13, 2023

On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on the implementation of the minimum tax (Pillar Two GloBE Rules) in Norway. The draft legislation follows closely the OECD Model Rules and reflects the latest

See More

IMF Report Assesses Ireland’s Economy

May 06, 2022

On 5 May 2022 the IMF released a report following consultations with Ireland under Article IV of the IMF’s articles of agreement. Ireland’s economic growth reached 13.5% in 2021 but there are downside risks from the increase in energy and

See More

OECD: Peer Review Reports on Making Tax Dispute Resolution More Effective

April 19, 2022

On 14 April 2022 the OECD published a further set of peer review reports under BEPS Action 14 which is concerned with making tax dispute resolution mechanisms more effective. These reports set out the results of assessments under stage two of the

See More

IMF Report Looks at the Economic Situation in Switzerland

April 07, 2022

On 6 April 2022 the IMF issued a report following discussions with Switzerland under Article IV of the IMF’s articles of agreement. The Swiss economy recovered in 2021 following the crisis caused by the pandemic, with growth reaching 3.7% and

See More

OECD: Strengthening African Tax Administrations to Increase Revenue from Mining

March 24, 2022

On 23 March 2022 a blog post by the training unit of the OECD, the African Tax Administration Forum (ATAF) and the Intergovernmental Forum on Mining, Minerals, Metals, and Sustainable Development (IGF) considered how to strengthen the role of the

See More

OECD: Fourth Peer Review Report on Prevention of Tax Treaty Abuse

March 22, 2022

On 21 March 2022 the OECD released the fourth peer review report on tax treaty abuse under Action 6 of the action plan on base erosion and profit shifting (BEPS). The report looks at the measures that member countries of the OECD’s

See More

OECD: Request for Public Input on the Implementation Framework for the Global Minimum Tax

March 16, 2022

On 14 March 2022 the OECD issued a request for public input on the implementation framework for the global minimum tax under Pillar Two of the OECD/G20 two-pillar international tax proposals. This follows the release of the Commentary on the global

See More

Hong Kong announces 2022/23 Budget

March 06, 2022

The Hong Kong budget announcements for 2022/23 were delivered on 23 February 2022. BEPS 2.0 proposals Hong Kong will bring in a legislative proposal in the second half of 2022 to enact the requirements of the OECD/G20 agreement in relation to

See More

OECD: Creation of New Co-Chair of the Inclusive Framework

March 04, 2022

On 1 March 2022 the OECD announced that the OECD/G20 Inclusive Framework on BEPS has elected Marlene Nembhard-Parker of Tax Administration Jamaica to a new position of Co-chair of the organisation. Ms. Nembhard-Parker will chair the group jointly

See More

IMF: New Database on Special Purpose Entities

March 03, 2022

On 2 March 2022 the IMF announced the release of a new database on special purpose entities (SPEs) showing cross-border flows and positions of SPEs and based on an internationally agreed definition of SPEs. The release of the database follows

See More

Singapore to Consult on a Top-up Corporate Tax

March 02, 2022

In the Singapore budget for 2022, delivered on 18 February 2022, the Finance Minister announced that Singapore will consider introducing a “top-up” tax as part of the adjustments to its corporate tax in response to the OECD/G20 two-pillar

See More

OECD: Consultation on Tax Base Determinations under Pillar One

February 25, 2022

On 18 February 2022 the OECD launched a public consultation in relation to tax base determinations for Amount A of Pillar 1 of the two-pillar international tax initiative. This is a continuation of the work by the Inclusive Framework in relation to

See More

G20: Communiqué Issued by the Meeting of Finance Ministers

February 23, 2022

On 18 February 2022 the G20 Finance Ministers and Central Bank Governors issued a communiqué following their meeting which took place on 17 and 18 February 2022. Economic Recovery The communiqué notes that the speed of the global economic

See More

OECD Tax Talk looks at international tax developments

February 22, 2022

The OECD Tax Talk held on 21 February 2022 provided an updated on important elements of tax work at the OECD. Two-Pillar International Tax Package Public consultations have begun and will cover the various building blocks of Pillar One on a

See More

OECD: Tax Report for the G20 Finance Ministers

February 21, 2022

On 18 February 2022 the OECD presented its tax report for the G20 Finance Ministers and Central Bank Governors. The main parts of the report are summarised below. Two-Pillar International Tax Package In October 2021 the OECD Inclusive

See More

OECD: Consultation on draft rules for nexus and revenue sourcing under Pillar One

February 09, 2022

On 4 February 2022 the OECD published a public consultation document entitled Pillar One – Amount A: Draft Model Rules for Nexus and Revenue Sourcing, requesting input from stakeholders on the nexus and revenue sourcing rules under Amount A of

See More