Global tax reform

On July 10, 2021 the G20 Finance Ministers issued a Communiqué1 endorsing a Statement2 issued by the Inclusive Framework (IF) that as of July 1, 2021, had been signed by 132 out of 139 member countries of the IF. The statement sets out a high-level political agreement regarding global tax reform. Specifically, it addresses the so-called Pillar 1 / Pillar 2 project that has been led by the OECD and is focused on reallocating certain profits to ‘market jurisdictions’ on a new formulaic basis (Pillar 1) and implementing a global minimum tax (Pillar 2). The implementation is pl