John Havard and Heather Self (Blick Rothenberg) discuss the current US position on the OECD’s two pillar tax deal.
The OECD has achieved what many thought it could not: a near-global agreement on tax that will apply to the largest multinationals including the tech giants. But the road to implementation may be bumpy especially in the US. While President Biden’s administration has welcomed this historic agreement the focus has now shifted to the domestic process required for its incorporation into US law – and two potential roadblocks have emerged. One concerns the timing of the agreement’s implementation. The second is a more fundamental point on the interpretation of the US constitution.
Timing
President Biden’s domestic agenda includes changes to the taxation of US companies doing business internationally. Some moderate Democrats in the House of Representatives are concerned that implementing these changes should not precede widespread ratification...
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John Havard and Heather Self (Blick Rothenberg) discuss the current US position on the OECD’s two pillar tax deal.
The OECD has achieved what many thought it could not: a near-global agreement on tax that will apply to the largest multinationals including the tech giants. But the road to implementation may be bumpy especially in the US. While President Biden’s administration has welcomed this historic agreement the focus has now shifted to the domestic process required for its incorporation into US law – and two potential roadblocks have emerged. One concerns the timing of the agreement’s implementation. The second is a more fundamental point on the interpretation of the US constitution.
Timing
President Biden’s domestic agenda includes changes to the taxation of US companies doing business internationally. Some moderate Democrats in the House of Representatives are concerned that implementing these changes should not precede widespread ratification...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
