“Pillar Two“ provides details on global minimum tax for corporations.
The Organisation for Economic Co-operation and Development (OECD), an international financial forum that participates in all G20 meetings, recently released guidance for the first global minimum tax on multinational corporations, known as Pillar Two. The OECD and G20 unanimously voted last year to adopt a global 15 percent minimum international business tax by the end of 2023, and Pillar Two provides details on all aspects of that endeavor, including international tax incentives and critical tax protections.
“The continued progress in implementing the global minimum tax represents another step in leveling the playing field for U.S. businesses, while also protecting U.S. workers and middle-class families by ending the race to the bottom in corporate tax rates,” said Assistant Secretary of the Treasury for Tax Policy Lily Batchelder. “We welcome this agreed guidance on key technical questions, which will deliver certainty for green energy tax incentives, support coordinated outcomes and provide additional clarity that stakeholders have asked for.”
As the Lord Leads, Pray with Us…
- For Assistant Secretary Batchelder to seek God’s direction in her role at the Treasury Department.
- For members of the White House Economic Council as they advise the president.
Sources: Department of the Treasury
