OECD Announces Pillar 2 Global Minimum Tax Common Understanding, Central Record Updates, Administrative Guidance

The Organization for Economic Cooperation and Development (OECD) May 18 announced a common understanding, administrative guidance, and Central Record updates, for global minimum tax under Pillar Two. The announcement includes that: 1) 2024 implementing jurisdictions agreed to publish a list of jurisdictions expected to have fully operational Global Anti-Base Erosion (GloBE) Information Return (GIR) filing by May 31, and to waive or suspend penalties or enforcement of local GIR filing obligations before the exchange deadline, for GIRs centrally filed in a jurisdiction on the list; 2) Central Record updates reflect that the Bahamas, Kenya, Kuwait, and Oman completed the transitional ...