Group Fears Nations Aren’t Ready for Minimum-Tax Returns (1)

New OECD guidance on filing global minimum tax returns is welcome, but concerns remain on whether some countries are ready to accept returns, a business group said Wednesday.

The gap between jurisdictions that are ready to accept the filings, called GloBE Information Returns, and those that aren’t “increases the risk of compliance friction,” said Business at OECD, or BIAC.

The group said it’s “concerned by the observed lack of readiness in several regions,” and that “businesses remain concerned about exposure to potential penalties despite acting in good faith.”

GIRs are the mechanism by which companies will file their taxes due ...