Avocado Roundup is a quick review of top tax, legal, and climate news stories. It’s written by humans.
- Germany’s Parliament Friday approved legislation transposing into German law the December 2022 EU directive that requires the 27 EU member states to implement Pillar 2 rules into their national laws by Dec. 31, 2023. Pillar 2, which includes the 15% global minimum tax, is part of the OECD-brokered international tax reform that aims to make sure the world’s biggest companies pay a fair share of tax in countries where they earn profits. (Reuters)
- Bermuda’s prime minister, David Burt, estimated that the country’s implementation of the global minimum tax could affect 1,400 multinational firms registered in the country, or about 10% of all firms based there, according to a report. (Royal Gazette)
- Barbados Prime Minister Mia Mottley last week said the country will raise its corporate rate to 9% and implement a top-up tax for some big multinationals starting Jan. 1, 2024, as part of its move to comply with Pillar 2 rules. Mottley said the reform could cause the tax haven to lose some business. (Barbados Today)
Paris Forum Calls for New Task Force To Study Global Climate Taxation
- World leaders gathered for the Paris Peace Forum Friday and Saturday called for creation of a task force to look for new ways to use taxes to fund climate action and to help the world’s most vulnerable. The proposed task force and its agenda, which would be created during upcoming COP 28 international climate talks in Dubai, would be complementary to the two-pillar global tax reform, which remains a priority, according to a joint press release from the French presidency and the Organization for Economic Cooperation and Development, whose headquarters are in Paris. (Elysee.fr)
- Some 48 countries and jurisdictions announced Friday that they intend to implement the OECD’s framework for reporting and exchange of tax information for crypto assets by 2027. (OECD.org)
- The Philippines joined the OECD-sponsored inclusive framework on base erosion and profit shifting. (OECD.org)
Kirkland Grabs Corporate Tax Partner From Linklaters
- Law firm Kirkland & Ellis boosted its London tax practice by getting tax lawyer James Morgan from UK elite firm Linklaters. Morgan advises private equity sponsors and other alternative asset managers on tax and structural issues of complex corporate transactions and financings. (Kirkland.com)
