Peter Barnes Comments on OECD Pillar Two and the European Union in Law360

European policy observers will continue to wait for approval of a 15% minimum corporate tax during the second half of 2022 after the European Union failed to achieve unanimous agreement on the measure, key to a sweeping global tax revamp.

. . .

For example, in the U.S., agreement to the minimum tax has been held up in the Senate for months, and U.S. officials and others have said agreement in Europe on the minimum tax would make it easier for the U.S. to follow suit.

Among those is Peter Barnes, former senior tax counsel at General Electric and now Of Counsel at Caplin & Drysdale.

"I think on the U.S. side, there will be strong momentum to adopt Pillar Two if there's a critical mass in the rest of the world," Barnes said.

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