Just days ago, tax professionals were wondering whether the G20 would meet its 2020 deadline to reach an agreement on multinational taxation. We now have our answer: Treasury Secretary Steven Mnuchin has called for the suspension of the Organization of Economic Co-operation and Development (OECD) talks.
The official statement released by Monica Crowley, Treasury’s assistant secretary for public affairs, stated: “The United States has suggested a pause in the OECD talks on international taxation while governments around the world focus on responding to the Covid-19 pandemic and safely reopening their economies.”
The talks had aimed for a solution by the end of 2020.
In December of 2019, Mnuchin sent a letter to OECD Secretary-General José Ángel Gurría raising both concern and hope that issues faced by the international community might be nearing a resolution. The letter commented on separate aspects of the OECD’s two-pillar approach, with Mnuchin expressing concerns about Pillar 1, but supporting the general concepts of Pillar 2.