Statement by co-chairs of Inclusive Framework on BEPS indicates final negotiations on Pillar One nearing completion
The OECD released a statement by the co-chairs of the Inclusive Framework on Base Erosion and Profit Shifting.
The Organisation for Economic Cooperation and Development (OECD) today released a statement by the co-chairs of the Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS) following the 16th meeting of the IF from May 28-30, 2024.
The statement indicated that the IF is nearing completion of the negotiations on a final package on Pillar One (which includes a text of the Multilateral Convention (MLC) for Amount A and a framework for Amount B) with the goal of reaching a final agreement in time to open the MLC for signature by the end of June. The statement mentioned that both France and Brazil had expressed interest in hosting a signing ceremony as soon as practical after the MLC is opened for signature.
The statement also mentioned plans for a signing ceremony for the subject to tax rule (STTR) on September 19, 2024.
KPMG observation
The statement did not explicitly address questions about whether India and China would join the Pillar One deal, raised by U.S. Treasury Secretary Yellen and Italian Finance Minister Giorgetti during the G7 Finance Ministers meeting May 23-25, 2024.