Finance anticipates an increased engagement with stakeholders on Pillars 1 and 2

At the CTF Annual Conference the comments of Shawn Porter included some general comments on the OECD Pillars project. He acknowledged that there was a significant amount still to do (and thus implicitly acknowledged a “risk” that the project might not succeed), and also noted uncertainty as to how the revenue impacts will be distributed among countries - not only the impact of open design issues and the use of accounting data, but hard-to-predict behavioural responses of the multinational firms and by countries.

He anticipated that the impetus and need for engagement with stakeholders will pick up soon as rules are released, more details become available and everyone works their way through the implementation period.

Perhaps what was most interesting (regarding other projects) was what he did not say. He said nothing regarding the Budget interest deductibility and hybrid initiatives, otherwise than to acknowledge that these, along with other measures, were to have been released in the summer (which, looking out the window, seems to have passed), and stated that “I do not have any news to announce today on any of these items.” Are these projects on hold, or merely on a slow track?

Neal Armstrong. 25 November 2021 CTF Conference - Finance Update.