Tax Heads Warn of Lost Competitiveness From Global Tax Carveout

A proposed side-by-side approach to enforcing a global minimum tax will hurt European competitiveness and threatens ambitions for a global level playing field, tax heads for Italian multinationals said.

“My doubt is, are we sure that we are still able to reach the level playing field with this revised Pillar Two?” Silvia Sardi, group tax director for the heating system supplier Ariston Group, said Friday on a panel at the International Tax Italian Conference.

The Group of Seven nations agreed in June to develop a system that would allow the US’s minimum tax regime to operate in parallel ...