Global Tax Framework: Joint Statement issued by US and certain European countries and way forward
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- Last Updated on 9 November, 2021
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Sanjiv Kumar Chaudhary – [2021] 132 taxmann.com 38 (Article)
On 8th October 2021, one hundred and thirty-six member jurisdictions of the OECD/G20 Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS)representing more than 90 per cent of global GDP, approved and finalized several key aspects of a framework for reforming the international tax system. This list included countries like the United States, Austria, France, Italy, Spain, and the United Kingdom apart from the other 130 members for reaching political agreement on the Statement of a Two-Pillar solution to address the tax challenges arising from the digitalisation of the economy.
The 8th October statement updated the previous IF statement from 1 July 2021, by finalising several previously unsettled quantitative parameters of the two-pillar approach. Pillar One of the agreements would formulaically reallocate more than U.S. $125 billion of profits from (initially) around 100 of the world’s largest and most profitable multinational enterprises (MNEs) to market jurisdictions and Pillar Two secures an agreement on a global minimum tax regime.
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