Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department has taken in response to the closure of the consultation on implementation of OECD Pillar 2.

The OECD’s two pillar solution to the tax challenges resulting from digitalisation represents a major reform of the international tax framework and will help to ensure multinational businesses pay their fair share, with the right companies paying the right amount of tax in the right place.

On 20 July 2022, the Government published a response to the consultation on the implementation of Pillar 2 in the UK. The response can be found here: https://www.gov.uk/government/consultations/oecd-pillar-2-consultation-on-implementation. Draft legislation was also published, and the Government welcomes further consultation on this. The draft legislation can be found here: https://www.gov.uk/government/publications/introduction-of-the-new-multinational-top-up-tax.