Treasury Publishes Public Input on Draft OECD/G20 Inclusive Framework Pillar One Multilateral Convention Text

The U.S. Department of the Treasury (USDT) has issued a press statement in which it confirms the conclusion of the comment period as regards its request for public input on the draft OECD/G20 Inclusive Framework Multilateral Convention for implementing Pillar One – Amount A of the international tax reform. Specifically, the USDT sought input on the draft to ensure taxation transparency, address unclear issues, and gauge practicality for U.S. taxpayers and stakeholders.
The USDT also informs that the comments submitted by various companies, individuals, and organizations are now available for public review and may be found here. While negotiations among participating member states continue, the USDT will review the feedback, so the regulator.
To recall, Pillar One is part of a broader effort to address taxation challenges arising from digitalization and to prevent base erosion and profit shifting (BEPS) among large multinational enterprises (MNEs). This global effort is thereby divided in Pillar One and Pillar Two: While the first one deals with the allocation of taxation rights (Amount A) and the simplification and standardization of transfer pricing (Amount B), the second one covers the minimum tax rate that shall apply in participating nations. Details on the corresponding request for public input may be found in EventID 23435.