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Financial Services – OECD Pillar 2 (GloBE) Update
On 14 March 2022 the Organisation for Economic Co-operation and Development (OECD) published a comprehensive commentary and illustrative examples of what the implementation of the Global Anti-Base Erosion Model (GloBE) Rules could look like.
Following the release, the OECD opened a public consultation requesting input on a series of topics. The consultation ran until 11 April 2022 and there were responses from a wide range of businesses, industry experts and professional service leaders. Two weeks later, on 25 April 2022, the OECD held a Public Consultation Meeting to discuss the implementation of the GloBE rules and any challenges that both industry and tax authorities could foresee, based on their understanding of the published rules and commentaries.
In the below article, we have provided a summary of the key themes and points that came out of the panel discussions and consultation responses.
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Neil Rolfe Partner - Head of Insurance Tax London
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OECD Pillar 2 (GloBE) rules
In December 2021 the OECD issued their model rules setting out how the global 15% minimum tax rules could look. Countries adopting the rules are likely to follow these rules in their local legislation with a target for the first stage of legislation in 2022 and implantation from 2023.