Peter Barnes Comments on Pillar 2 Signing Deadline Delayed

Countries agreed to push back a deadline to sign a multilateral treaty that’s part of the international tax pact until mid-2024, citing further work needed to resolve remaining issues over provisions in the text, the OECD announced Monday.

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The minimum-tax guidance includes details on the application of the transitional country-by-country reporting safe harbor to address certain avoidance transactions that could be used by multinational companies to qualify for the safe harbor.

“For those of us who live in the details of Pillar 2, the guidance released today will be welcomed. Some of the issues covered—discussion of the country-by-country safe harbor, and the transitional filing deadlines for certain companies—are absolutely necessary in order for taxpayers to comply,” said Peter Barnes, Of Counsel at Caplin and Drysdale.

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