On August 26, 2021, AmCham Germany and Warth & Klein Grant Thornton hosted a webinar on the significant developments that have been made with regards to the global tax landscape within the realm of the OECD’s Pillar I and Pillar II.
Three renowned tax specialists from both sides of the Atlantic shed light on progress regarding global minimum taxation and how this influences current discussions about tax changes in the US and Germany.
Christina Busch, tax expert at Warth & Klein Grant Thornton in Dusseldorf, provided a summary on the scope of companies that fall into Pillar I and II. She outlined the different mechanisms within the Pillars and what this means at an implementation level. This outline gave way to next steps within this framework. A decision is planned to be taken at the next G20 Summit in October 2021.
David Sites, tax expert at Grant Thornton in Washington, DC, shared his insights into the US legislative agenda and modifications that have taken place under the Biden administration. He underpinned his presentation by looking at the Treasury „Greenbook“ and taking a deep look at the Biden Administration’s revenue proposals. He made it clear that infrastructure and tax is a number one priority of a Democratic government under single-party control, but the proposal is still far from a finished product.
Norbert Miethe, tax expert at Warth & Klein Grant Thornton in Dusseldorf, depicted the German perspective and the German „check-the-box“ regime. Miethe outlined the status of companies that are in scope, types of taxes covered, as well as the pitfalls within „check-the-box“ regime. In summary, he stated that the regime is not a broad check-the-box regime and special attention should be taken with regard to new withholding tax rules.
The well-attended briefing covered how Pillar I and II influence international tax planning and what new opportunities are available.
Founded in 1958 in Dusseldorf, Warth & Klein Grant Thornton has since been supporting clients in achieving their business goals. Grant Thornton, founded in 1920 in Chicago, helps dynamic organizations unlock their potential for growth by providing meaningful, forward-looking advice. Both firms are members of the Grant Thornton International network, with the German locations having been a valued part of AmCham Germany since 2001.
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