Overview

Starting in 2019 the OECD has been discussing a two “Pillar” approach introducing significant changes to international tax rules for multinational companies. In October 2021 more than 130 countries agreed to an outline of the new rules that are aiming to halt a “race to the bottom” in global tax competition and discourage cross-border tax avoidance.

Model rules for the Pillar Two – a global minimum tax of 15% – were released in December 2021. So far more than 40 countries have taken steps to enact the tax and others are working on the implementation.

However, Pillar One – containing redistribution of residual profits of large multinationals from their home countries to jurisdictions where they generate revenue – is proving to be a more difficult task as it requires that all countries adopt the rules in a consistent way and override their existing tax treaties. Negotiations at the OECD on a multilateral convention continue to face delays. Particularly, the uncertain position of the US could prove to be a main obstacle as many multinational corporations in scope are headquartered in the US.

Join Bloomberg Tax for a forward-looking discussion with a collection of esteemed speakers as they delve into the intricacies of the ongoing global tax reform. We will explore the hurdles and envision the ultimate outcomes as well as alternative scenarios.

Will the reform align with its initial objectives? View this virtual broadcast from the live event that took place in London, UK on June 4^th to find out.

Topics include:

• Reflecting on the state of affairs of global tax reform
• Pillar One — Chances of compromise
• Pillar Two — Challenges and opportunities for multinational corporations