On October 8th 136 countries, which collectively represent more than 90% of the world’s GDP, reached an agreement on core design features of a two-pillar plan to overhaul and modernize the international corporate tax system. The OECD/G20 Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS) published a statement laying out the details of the agreement and an implementation plan of what is commonly referred to as BEPS 2.0. This latest statement follows the outline of the original plan.
The Inclusive Framework (IF) is a global tax governance network created by the OECD and comprised of 140 countries. The IF was created to facilitate implementation of the OECD’s Base Erosion and Profit Shifting (BEPS) initiative.