The OECD/G20 Inclusive Framework published a new multilateral agreement to address the fiscal challenges of globalization and digitization on October 11, 2023.
Specifically, the multilateral agreement concerns the implementation of Amount A of the first pillar (Pillar 1). Pillar 1 Amount A coordinates a reallocation of taxing rights to market states with respect to a portion of the profits of the largest and most profitable multinational enterprises (MNEs). It also aims to prevent the proliferation of, or lead to the elimination of, taxes on digital services and similar measures, secure mechanisms to avoid double taxation, and increase stability and certainty in the international tax system.
The media release and additional documents are available here.