The OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One represents a historic and long overdue step to allow greater taxing rights for destination countries, as well as a potential source of expanded US public revenues.
A recent draft rule by Treasury’s FinCEN to implement the Corporate Transparency Act contains severe deficiencies that, if left in place, could “undermine U.S. national security and global leadership in the fight against corruption.”
2023 promises to be a very busy year for FACT as we continue to push for international tax reform to fight tax dodging by large multinationals.
Following an EU political agreement to implement a 15 percent global minimum corporate tax, the FACT Coalition calls on Congress to move swiftly to adopt international tax reforms in line with the OECD’s Pillar 2.
The OECD two-pillar approach represents a historic opportunity to address global challenges. Serious equity concerns persist around the process and the current framework, though. Without an equitable final framework, it is hard to imagine that any agreement will be sustainable, as per G-24 warnings.
