The OECD expects that countries will work on reaching technical agreement on pillar one by the time G20 leaders meet in Bali on 15 November 2022, according to reports of comments made by the secretary general of the OECD, Matthias Cormann, at a recent world economic forum meeting. Model rules would then be expected to be drafted by the end of the year, with implementation likely to take place from 2024.
Meanwhile, the EU Council has not yet reached agreement on the proposed EC Directive to implement pillar two, as Poland continues to refuse to back the compromise proposal put forward by the French Council presidency. Poland continues to insist on a legally binding mechanism which links the entry into force of both pillar one and pillar two. ECOFIN’s planned 24 May meeting was cancelled due to Poland’s stance, and the next meeting is scheduled for 17 June 2022.
The OECD expects that countries will work on reaching technical agreement on pillar one by the time G20 leaders meet in Bali on 15 November 2022, according to reports of comments made by the secretary general of the OECD, Matthias Cormann, at a recent world economic forum meeting. Model rules would then be expected to be drafted by the end of the year, with implementation likely to take place from 2024.
Meanwhile, the EU Council has not yet reached agreement on the proposed EC Directive to implement pillar two, as Poland continues to refuse to back the compromise proposal put forward by the French Council presidency. Poland continues to insist on a legally binding mechanism which links the entry into force of both pillar one and pillar two. ECOFIN’s planned 24 May meeting was cancelled due to Poland’s stance, and the next meeting is scheduled for 17 June 2022.
