Law360 Quotes Peter Barnes on OECD Pillar Two
12.01.2021
Law360 Tax Authority
Countries around the world will likely need more time than proposed by the Organization for Economic Cooperation and Development to enact its global tax deal, two former tax counsels for U.S. House Republicans said Tuesday.
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The IFA President, Peter A. Barnes of Caplin & Drysdale, said basing Pillar Two on financial accounting would amount to a "train wreck" in tax administration.
"People have spoken about this, but I don't think the severity of the impact is appreciated," Barnes said.
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