The OECD's Committee on Fiscal Affairs (CFA) has elected Tim Power, Deputy Director for Business and International Tax in His Majesty's Treasury of the United Kingdom, as the Chair of the Committee beginning on 18 December 2023.

He replaces Gaël Perraud, who resigned in December 2023 following his move to a new position within the French Ministry of Finance.
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As Chair of the CFA, Power will also serve as Co-Chair of the OECD/G20 Inclusive Framework on BEPS, alongside Marlene Nembhard-Parker of Jamaica, who became Co-Chair in March 2022.

The OECD/G20 Inclusive Framework on BEPS (Inclusive Framework) released further technical guidance to assist governments with implementation of the global minimum tax under Pillar Two and a statement on the timeline of the Multilateral Convention (MLC) under Pillar One.

The Agreed Administrative Guidance for the Pillar Two GloBE Rules (December 2023) supplements the Commentary to the Global Anti-Base Erosion Model Rules in order to clarify their application, including guidance on the application of the Transitional Country-by-Country Reporting Safe Harbour and a mechanism for allocating taxes arising in a Blended Controlled Foreign Corporation (CFC) Tax Regime when some of the jurisdictions the MNE operates in are eligible for the safe harbour.
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The Inclusive Framework also released a statement updating the timeline to finalise the text of the MLC to implement the coordinated reallocation of taxing rights over the profits of the world’s largest and most profitable companies (Amount A of Pillar One). The statement expresses the continued and strong commitment of Inclusive Framework delegates to resolve the outstanding issues, achieve a consensus-based solution and finalise the text of the MLC as swiftly as possible.

The OECD/G20 Inclusive Framework on BEPS released the latest peer review assessments for 131 jurisdictions in relation to the compulsory spontaneous exchange of information on tax rulings.

This is the seventh annual peer review of the implementation of the BEPS Action 5 minimum standard on tax rulings, which aims to provide tax administrations with the necessary information concerning their taxpayers to efficiently tackle tax avoidance and other BEPS risks.
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The 2022 Peer Review Reports on the Exchange of Information on Tax Rulings indicates that over 54 000 exchanges of information have taken place in respect of the over 24 000 tax rulings that have been identified.

Vietnam’s National Assembly, on November 29, approved the resolution on the application of a global minimum tax in Vietnam.

The new rules will apply in Vietnam from 2024, and will cover over 120 foreign companies.
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The resolution was approved at the 6th session of the 15th National Assembly.

Over 420 delegates from 115 jurisdictions and 13 international organizations convened in Lisbon, Portugal, to discuss the progress so far and chart the future work to promote international tax co-operation. 

The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) concluded its 16th plenary meeting (November 29-December 1), marking significant advances in its efforts to deliver transparency and exchange of information (EOI) for tax purposes for all.
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The Global Forum underscored its unwavering commitment to inclusivity, its collective resolve to furthermore promote EOI based on an equal footing and a level-playing field and its commitment to ensure all jurisdictions benefit from the progress made.

The Australian Taxation Office (ATO) has won a first of its kind case that considered the diverted profits tax – a new tool to ensure multinationals pay the right amount of tax.

The decision was given by the Federal Court in PepsiCo, Inc. vs. Commissioner of Taxation.

This decision confirms is liable for royalty withholding tax and, in the alternative, diverted profits tax would apply.