Biden-backed OECD global minimum tax framework advances as 137 nations endorse Pillar Two

The OECD/G20 Inclusive Framework advances a two-pillar global tax reform that includes a 15% global minimum corporate tax (Pillar Two) that 137 countries endorse for implementation. The framework, heavily championed by Treasury Secretary Janet Yellen and the Biden administration since July 2021, targets multinational corporations that shift profits to low-tax jurisdictions. European Union member states begin legislative processes to implement the rules. The US cannot fully implement Pillar Two without congressional action, which fails to materialize, but the rules proceed globally.