The road is long for pillars one and two

G7 finance ministers meeting in London reached a “seismic agreement” on global tax reform that will mean “the largest multinational tech giants will pay their fair share of tax in the countries in which they operate”, the UK’s G7 presidency announced on 5 June.

My article for Tax Journal (paywall) published on June 10 is here, with comments from Dan Neidle, Judith Freedman and Tim Sarson on the road ahead.

HM Treasury rejects call for tax strategy consultation

The UK government rejected the House of Commons Treasury Committee’s call for consultation on a draft tax strategy and has been asked for “a clearer explanation” of its response, committee Chair Mel Stride said.

The committee appreciates “the difficulty in pre-announcing tax policy” but it is disappointing that “the government has rejected our recommendations to improve the approach to tax strategy, when the evidence was overwhelmingly in favour”, he said.

My news story for Tax Notes (paywall) published on June 4 is reproduced here, with permission.