The OECD has released a report on the Pillar Two guidance for the digital economy. The report provides recommendations for countries to address tax challenges arising from the digitalization of the economy. It also highlights the need for a coordinated and multilateral approach to ensure a fair and consistent taxation of digital businesses.
The interaction of the U.S. dual consolidated loss (DCL) rules and the OECD Pillar Two rules, which have been enacted into law by several foreign countries, may result in unintended consequences, including inconsistent and uncertain financial reporting positions. The U.S. Treasury Department must make significant changes to the DCL rules to avoid such consequences.
Read an April 2024 report* prepared by KPMG LLP professionals: Recent DCL and Pillar 2 Guidance: Comments and Recommendations
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