The OECD on 24 July 2024 released its Secretary General’s Report to the G20 Finance Ministers and Central Bank Governors ahead of their 25-26 July meeting in Brazil.
With respect to Pillar Two, the Report notes a considerable achievement with an estimated 40 countries that have already implemented or are on track to implement the GloBE rules, and an estimated 60% of large MNEs expected to be covered by the IIR alone by the end of 2024, rising to 90% by 2025 when the UTPR comes into effect. P…