The OECD secretary-general recently shared his view that BEPS 2.0 is now not expected to come into force in 2023 as originally anticipated. Shortly thereafter the UK announced a delay to pillar two implementation, and EU member states again failed to reach political consensus on the EU Directive to implement pillar two. The General Court has upheld the European Commission’s ruling that the UK CFC FinCo exemption as it stood prior to 1 January 2019 constituted illegal state aid. The European Commission has issued a proposal for a new debt-equity bias reduction allowance Directive. In a lively session in the European Parliament, key ‘fit for 55’ measures failed to pass, delaying key EU climate change reforms indefinitely. Finally, a victory by the Labor party in the Australian federal election has set the stage for tax reforms to introduce country-by-country reporting and pave the way for Australian implementation of pillar two.
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The OECD secretary-general recently shared his view that BEPS 2.0 is now not expected to come into force in 2023 as originally anticipated. Shortly thereafter the UK announced a delay to pillar two implementation, and EU member states again failed to reach political consensus on the EU Directive to implement pillar two. The General Court has upheld the European Commission’s ruling that the UK CFC FinCo exemption as it stood prior to 1 January 2019 constituted illegal state aid. The European Commission has issued a proposal for a new debt-equity bias reduction allowance Directive. In a lively session in the European Parliament, key ‘fit for 55’ measures failed to pass, delaying key EU climate change reforms indefinitely. Finally, a victory by the Labor party in the Australian federal election has set the stage for tax reforms to introduce country-by-country reporting and pave the way for Australian implementation of pillar two.
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