ARTICLE · 09 JULY 2021

OECD/G20 Issues Statement On International Tax Changes

Grant Thornton

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At the recent G7 conference, it was announced that a broad agreement had been reached on international tax reform.

IrelandTax

At the recent G7 conference, it was announced that a broad agreement had been reached on international tax reform. On 1 July 2021, the OECD/G20 issued a statement on the proposals and provided additional details (July proposals). We outline each of these proposals in turn below, providing details of what to watch out for, what is known and what has yet to be agreed.

The Organisation for Economic Cooperation and Development (OECD) has been spearheading discussions on reforming international tax with the Base Erosion and Profit Shifting (BEPS) initiative. The July proposals, 'Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalisation of the Economy' [PDF, 175kb] outline in greater detail how Pillar One (Digital taxation) and Pillar Two (international minimum tax) will be implemented.

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