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Developing Countries, Businesses Critical of OECD Tax Pact (1)

Aug. 18, 2022, 4:52 PMUpdated: Aug. 18, 2022, 7:09 PM

A US business group on Thursday highlighted numerous concerns with the global tax rules being negotiated at the OECD, while developing countries warned that the rules could hold minimal benefits for them.

In October, more then 130 countries shepherded by the Organization for Economic Cooperation and Development agreed to a two-pillar plan to change how multinational companies are taxed. Pillar One of the plan reallocates a portion of the profits of the largest, most profitable companies in the world to countries where they make sales—known as Amount A, while Pillar Two creates a global minimum tax rate of 15%.

The ...