Treasury Mulls More US Guidance on Global Minimum Tax Issues

The Treasury Department is working on a potential “next push of guidance” on how the US will reconcile some issues relating to the new global minimum tax, a department official said Tuesday.

Treasury is looking at anti-abuse guidance concerning the transitional safe harbor on country-by-country tax reporting that Pillar Two of the global tax agreement allows for, said Isaac Wood, an attorney-adviser in Treasury’s Office of Tax Policy. Pillar Two will require large companies to pay taxes at a rate of at least 15% no matter where their profits are located.

Such guidance would be aimed at protecting ...