In 2021, 137 out of the 141 countries in the OECD / G20 Inclusive Framework on Base Erosion and Profit Shifting (IF) reached a landmark agreement on a two-pillar solution to reform the international tax framework in response to the challenges relating to taxation of the digital economy. The OECD is coordinating the multilateral consensus approach—originally intended to be implemented with effect from 2023 but now delayed until 2024—with the framework designed to ensure that multinational enterprises (MNEs) pay a fair share of tax where they operate and that they pay a minimum corporate tax.

 More information on the OECD’s two-pillar approach will be added here shortly.