As part of the OECD’s ‘Tax Talks’ webcast series, the OECD recently provided an update on the work on taxation in the context of COVID-19 and also covered the on-going work on ‘the tax challenges arising from the digitalisation of the economy’. The OECD confirmed that multilateral efforts are continuing, with meetings being conducted remotely. They are still aiming towards delivering a consensus-based solution by the end of 2020. A virtual plenary meeting of the Inclusive Framework is scheduled for July, where members will be updated on progress made to date. In early October, an Inclusive Framework meeting will take place where it is expected they will adopt a package to reach consensus.

The webcast outlines how the delivery of a political decision on Pillar One and Pillar Two has been postponed to the meeting of the Inclusive Framework in October. Work is also continuing on the impact assessments, with revenue estimates being refined based on ongoing discussions on scope and design and also to take into account the impact of the COVID-19 crisis.

Regarding the 2020 review of BEPS Action 13 Country-by-Country Reporting, a public consultation meeting has been re-scheduled as a virtual meeting and will take place on 12 and 13 May 2020.