The global recovery is continuing but its momentum has eased and is becoming increasingly imbalanced according to the OECD’s latest Economic Outlook. The failure to ensure rapid and effective vaccination everywhere is proving costly with uncertainty remaining high due to the continued emergence of new variants of the virus. Output in most OECD countries has now surpassed where it was in late-2019 and is gradually returning to the path expected before the pandemic. However, lower-income economies, particularly ones where vaccination...

Read more

On 20 December 2021, the OECD published detailed rules to assist in the implementation of a landmark reform to the international tax system, which will ensure Multinational Enterprises (MNEs) will be subject to a minimum 15% tax rate from 2023. The Pillar Two model rules provide governments a precise template for taking forward the two-pillar solution to address the tax challenges arising from digitalisation and globalisation of the economy agreed in October 2021 by 137 countries and jurisdictions under the...

Read more