Two-Pillar Approach: Statement Sunday and Tax Challenges

two-pillar approach: The proposal is designed with digital companies in mind, but also has major implications for traditional multinational corporations, according to CNN. We welcome the recent progress on addressing the tax challenges arising from digitalization and endorse the ambitious work program that consists of a two-pillar approach, the ministers said in a statement Sunday. G20 finance ministers discussed a plan developed by the Organization for Economic Cooperation and Development during a meeting on Saturday in Japan. We will redouble our efforts for a consensus-based solution with a final report by 2020. Sounds like we have a strong consensus so now we need to just take the consensus that's across here and deal with the technicalities of how we turn this into an agreement, he said. US Treasury Secretary Steven Mnuchin, speaking earlier at the meeting, said there was broad support for the plan but more work needed to be done. (news.financializer.com). As reported in the news.