BEPS 2.0 developments - The OECD’s blueprints on Pillar One and Pillar Two

October 2020

The OECD published the blueprints on Pillar One and Pillar Two under the tax digitalization / globalisation project on 12 October 2020.

Pillar One looks at the attribution of profits to market jurisdictions. Pillar Two deals with the imposition of a global minimum tax. The blueprints set out the detailed technical design of various components of the two pillars but note that agreement has yet to be reached among the Inclusive Framework members. A public consultation is held from 12 October to 14 December 2020. 

Our global tax team will hold a live webcast on 16 October 2020. PwC Hong Kong will also organise a webinar on 22 October 2020 to share more about the blueprints from a Hong Kong perspective. 

The HKSAR Government formed the Advisory Panel on BEPS 2.0 in June 2020 to assess the possible impact of BEPS 2.0 on Hong Kong’s competitiveness and consider the strategies and measures in response. The key policy features, principles and parameters of both pillars revealed in the blueprints would facilitate the assessment of the potential impact of BEPS 2.0 on the Hong Kong tax regime.  

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Charles Lee

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