Pillar 2: what will be the impact?

The conference began with presentations and discussion with Pascal Saint-Amans from the OECD and Itai Grinberg. Researchers from the Oxford University Centre for Business Taxation (CBT) then presented their current conclusions from an ongoing research programme. And finally, the issues were debated by a panel of internationally-known participants from business, practice, and tax policy.

The agreement by the OECD's Inclusive Framework to implement a global minimum tax has been hailed as a fundamental breakthrough in the reform of international tax. Janet Yellen, the US Treasury Secretary, said the "agreement represents a once-in-a-generation accomplishment for economic diplomacy". Larry Summers, a previous US Treasury Secretary, said "this agreement is arguably the most significant international economic pact of the 21st century so far."

Does the agreement - Pillar 2 of the OECD's Two Pillar Solution - match up to the hype? The two key objectives have been to suppress both profit shifting by multinational companies and tax competition amongst countries. How far will Pillar 2 be successful in meeting each of these goals? How complex will implementation be? What outstanding issues are there?

3.00  Session 1. Views from OECD and USA

Chair: Michael Devereux, Director, CBT

3.00: Pascal Saint-Amans, Director of the Center for Tax Policy and Administration, OECD

3.30: Itai Grinberg, Deputy Assistant Secretary, Office of the International Tax Counsel, United States Treasury

4.00 Session 2. Presentation of Research by the CBT

• Michael Devereux, Director, CBT and Saïd Business School
• İrem Güçeri, International Research Fellow, CBT and Blavatnik School of Government
• Martin Simmler, Senior Research Fellow, CBT
• John Vella, Deputy Director, CBT and Faculty of Law
• Heydon Wardell-Burrus, CBT and Faculty of Law

5.00 Session 3. Roundtable Discussion

Chair: John Vella, Deputy Director, CBT

Panel:

• Giorgia Maffini, Special Advisor on Tax Policy and Transfer Pricing, PwC
• David Murray, Head of Tax Policy & Sustainability, Anglo American plc and Chair, CIOT International Tax Committee
• Dan Neidle, Partner, Clifford Chance LLP
• Paul Oosterhius, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates and Lecturer, Columbia Law School
• Victoria Perry, Visiting Professor, Oxford University, formerly Deputy Director Fiscal Affairs Division, IMF

6.00 Close