Despite an initial lull during the early weeks of summer, there were still a few key developments in the tax world. Firstly, a shocking announcement that agreement had been reached between Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) on tax, climate change, energy and health care provisions which formed part of the Inflation Reduction Act of 2022, which has now been passed into law. In light of the challenges the European Union is facing in implementing Pillar Two, a number of member states have indicated that, even if unanimity cannot be reached at EU level, they remain committed to implementing Pillar Two in their jurisdictions. Other jurisdictions are also making strides in implementing Pillar Two, with Hong Kong, Mauritius and Switzerland seeing developments. Lastly, some EU member states have indicated their commitment to completing work on Amount A under Pillar One.
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Despite an initial lull during the early weeks of summer, there were still a few key developments in the tax world. Firstly, a shocking announcement that agreement had been reached between Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) on tax, climate change, energy and health care provisions which formed part of the Inflation Reduction Act of 2022, which has now been passed into law. In light of the challenges the European Union is facing in implementing Pillar Two, a number of member states have indicated that, even if unanimity cannot be reached at EU level, they remain committed to implementing Pillar Two in their jurisdictions. Other jurisdictions are also making strides in implementing Pillar Two, with Hong Kong, Mauritius and Switzerland seeing developments. Lastly, some EU member states have indicated their commitment to completing work on Amount A under Pillar One.
If you are not a subscriber, subscribe now to read this content.
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