Work on second phase of OECD is slow

Work on implementing the second “pillar” of the Organization for Economic Co-operation and Development’s Global Anti-Base Erosion Rules is progressing. However, the process is frustratingly slow, according to a U.S. Treasury Dept. official. The second pillar imposes a 15% global minimum corporate tax. Treasury Deputy Assistant Secretary (International Tax Affairs) Michael Plowgian said he’s “perplexed” there hasn’t been movement in Congress regarding global minimum tax legislation. He said other countries, including Japan, South Korea, Australia, Canada and Switzerland, are moving forward with legislation. A sticking point in the U.S. is whether the tax will boost or reduce revenues.