International tax - OECD Pillar 1 and 2

We round-up the progress on implementation in a selection of leading economies worldwide. We also look at the impact on businesses, likely go live timings and what could potentially delay or derail the process.

Guidance on safe harbours and penalty relief; Public consultation document on the Global Anti-Base Erosion (GloBE) information return; and Public consultation document on tax certainty for the GloBE Rules, released as part of the OECD long-anticipated implementation package for Pillar 2.

Given the need to find out how much the tax bill could rise under Pillar 2 and with the compliance demands likely to put systems under severe strain, the case for getting preparations underway is compelling.

So why is Pillar 2 so strategically critical and how can businesses turn a potential challenge into a source of competitive advantage?

Five actions businesses can take now to ease the path to implementation, avoid needless upheaval and strengthen competitiveness ahead.

Pillar 2 has been ratified by the governments of more than 100 countries, so U.S. multinationals are likely to deal with its effects in many places.