EU Eyes Global Tax Pact Implementation, Rules Revamp in 2022

The top tax priority of the European Union next year will be implementing a deal to overhaul global tax rules in time to meet a 2023 deadline.

While the work on the OECD-led deal —struck in October with the support of nearly 140 countries—is likely to dominate the tax agenda, the EU is also launching a slew of other initiatives aimed at targeting shell companies and revamping rules for value-added taxes, withholding taxes, and tax transparency to clamp down on avoidance and evasion.

The global deal will reallocate a portion of the largest multinationals’ profits, known as Pillar One, and ...