Progress may be slow when it comes to political decisions in the implementation of the OECD-sponsored global agreement on the taxation of multinationals, but at the technical level, negotiators have been working hard. Despite blockages continuing both in the US and in the EU on legislation imposing a minimum 15 per cent corporate tax rate under Pillar two of the agreement, the OECD has now published detailed draft rules for the other half of the deal, Pillar one. It aims to redirect tax revenue from lower-tax jurisdictions acting as international hubs, such as Ireland, to those where the customers of…

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