OECD Inclusive Framework – 8 October 2021 Agreement OECD Inclusive Framework – 8 October 2021 Agreement OECD Inclusive Framework – 8 October 2021 Agreement

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KPMG Insights: OECD Inclusive Framework – 8 October 2021 Agreement

On 8 October 2021 the Inclusive Framework on Base Erosion and Profit Shifting released details of an agreement which refines the statement of 1 July 2021. In terms of consensus, 136 of the 140 Inclusive Framework countries have agreed to this release. The four countries that have not signed up are Kenya, Nigeria, Pakistan and Sri Lanka.

Consistent with the statement of 1 July 2021, covered previously, two Pillars are covered. Pillar 1 deals with the reallocation of certain profits from very large Mutlinational Enterprises to market jurisdictions. Pillar 2 deals with a Global Minimum Tax.

The statement annex includes a detailed implementation plan with timelines for the development of detailed rules, for legislative implementation, and target effective dates.

A copy of KPMG’s insights can be accessed via the above link.

Tai Lai Kok

Executive Director
- Head of Tax

Nicholas Crist

Executive Director
- Corporate Tax

Bob Kee

Executive Director
Head of Transfer Pricing

Petaling Jaya Office

Tai Lai Kok Executive Director - Head of Tax and Head of Corporate Tax ltai1@kpmg.com.my + 603 7721 7020	Long Yen Ping Executive Director - Head of Global Mobility Services yenpinglong@kpmg.com.my + 603 7721 7018
Bob Kee Executive Director - Head of Transfer Pricing bkee@kpmg.com.my + 603 7721 7029	Ng Sue Lynn Executive Director - Head of Indirect Tax suelynnng@kpmg.com.my + 603 7721 7271
Soh Lian Seng Executive Director - Head of Tax Dispute Resolution lsoh@kpmg.com.my + 603 7721 7019

Outstation Offices

Penang Office	Kuching & Miri Office
Evelyn Lee Executive Director - Penang Tax evewflee@kpmg.com.my +604 238 2288 (ext. 312)	Regina Lau Executive Director - Kuching & Miri Tax reglau@kpmg.com.my +6082 268 308 (ext. 2188)
Kota Kinabalu Office	Johor Bahru Office
Titus Tseu Executive Director - Kota Kinabalu Tax titustseu@kpmg.com.my +6088 363 020 (ext. 2822)	Ng Fie Lih Executive Director - Johor Bahru Tax flng@kpmg.com.my +607 266 2213 (ext. 2514)
Ipoh Office
Crystal Chuah Yoke Chin Tax Manager - Ipoh Tax ycchuah@kpmg.com.my +605 253 1188 (ext. 320)