OECD Releases Common Understanding on GloBE Information Return Filing Relief, Updates Central Record, and Provides Further Administrative Guidance

The OECD has announced the release of a common understanding on Pillar 2 GloBE Information Return (GIR) filing and further administrative guidance to support compliance, as well as an update to the central record of qualified Pillar 2 taxes.

The common understanding provides that jurisdictions implementing the Global Minimum Tax from 2024 have agreed to waive penalties or suspend enforcement of local GIR filing obligations if:

• the GIR has been centrally filed in any one of the jurisdictio…