International review for February 2023

This month has seen the release of the much-awaited Pillar Two administrative guidance. Although this has provided some clarification to multinational enterprises preparing for implementation of the rules it is only the first in a tranche of further guidance to be issued in the coming months. Meanwhile Qatar and Sweden are the latest Inclusive Framework members to take steps to implement Pillar Two into domestic law. In the US President Biden has set out his plans for a wealth tax and a quadrupling in the excise tax rate on corporate stock buybacks to 4%. In Europe the green deal industrial plan has been unveiled including plans for tax incentives and easing of state aid rules. The initial public consultation on BEFIT closed on 26 January 2023 but some officials have recently expressed concern about the success of the initiative. The European Commission has reaffirmed its...