OECD’s international tax agreement to eliminate double taxation

From Tax Advisers Europe:

In a recent interview, Pascal Saint-Amans, Director of the Center for Tax Policy and Administration said that the technical agreement being finalised by the Members of the Inclusive Framework in the Two-Pillar agreement on taxation of the digital economy and minimal global corporate tax will eliminate double taxation. In the interview, Mr Saint-Amans confirmed, “You need to eliminate double taxation and there will be a panel with independent parties which will decide. We will eliminate double taxation. It will happen in a fast manner, in a timely manner, and countries will not feel like their sovereignty has been completely ignored.”

Mr Saint-Amans confirmed that details of Pillar II were still being worked out, but that the agreement will include a clause that unilateral measures must be put at a standstill or rolled back. Additionally, he confirmed that although some carve-outs have been agreed, for the extractive industry, financial services and shipping, that these industries should ideally still be taxed, and are not considered exempt industries. He also discussed that tax cetainty was key in the agreement, with “mandatory and binding dispute prevention and resolution mechanism”, and Amounts A and B to be agreed with interested countries and companies, to ideally reduce disputes.

More technical detail is expected from the OECD by October, with implementation to commence in 2023.

EU Parliament FISC Hearing on Tax Transparency

The European Parliament’s Subcommittee on Tax Matters (FISC), will hold a public hearing on the issue of tax transparency on 9 September, from 10:00am to 12:00. The hearing will feature presentations from Ms. Dalia Grybauskaité, Co-Chair of the High Level Panel on International Financial Accountability, Transparency and Integrity (FACTI), Mr. Eelco van der Enden, Member of the Board of Directors at Global Reporting Initiative (GRI), Chairman of the Tax Policy Group of Accountancy Europe; Mr. Alan McLean, Executive Vice President, Taxation and Controller, Shell and Mr. Michael Jaeger, General Secretary of Taxpayers Association of Europe. The presentations will be followed by discussion and questions with the Members of FISC.

The meeting will be web-streamed and can be followed live.

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