Governments remain obsessed with austerity and choose not to inconvenience the rich or curb tax abuses by corporations.

This blog post reflects on the implications of the OECD Global Minimum Tax, its impact on business and economies, and the other aspects that make it a paradigm shift in international taxation policy.

In July 2013, the OECD initiated the base erosion and profit shifting (BEPS) project to combat tax avoidance. The project aimed to address the annual loss of tax revenue, estimated to be between $ ...

and the G20 countries created the OECD/G20 Inclusive Framework on BEPS. In October 2021, over 135 Inclusive Framework Members joined a two-pillar solution to reform the international tax system, ...

In response, in November 2023, the Philippines became a member of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) to uphold tax fairness and protect the country's tax ...

During the discussions, G20 members highlighted the challenges faced by developing countries in mobilising domestic resources and fully benefiting from international tax reforms.