Peer reviews to referee global minimum tax implementation disputes: expert
The Global Minimum Tax being a complicated affair, peer reviews are likely to referee different interpretations, Jonathan Pemberton, a senior advisor with the Washington D.C.-based International Tax and Investment Center (ITIC), said Tuesday.
Answering queries at a workshop on "Pillar 2 Global Minimum Tax Implementation in Vietnam" held in Hanoi, the former senior official of the Organization for Economic Co-operation and Development (OECD), said "peer reviews of executive information run by global forums" would be a much more inclusive activity than institutional decisions.

Jonathan Pemberton, International Tax and Investment Center (ITIC) senior advisor, speaks at a workshop in Hanoi on May 7, 2024. Photo by The Investor.
Since OECD represents a small fraction of countries, a much more inclusive body is needed, he said.
Given the complexity of the Global Minimum Tax (GMT), some countries could be tempted to "fiddle" and offer tax incentives or simplify the rules, but that will not work, he said.
Pemberton said he expected competent authorities to discuss cases together and resolve disputes arising between the tax authorities and businesses. This process would eventually lead to a reduction in the number of GMT disputes, he added.
Multinational enterprises expect consistency in tax filings, so competent authorities should engage and support each other to help them, Pemberton said.
Geopolitics and GMT impacts
On the question of the GMT being approved by the United States, given its tendency not to join international treaties and the upcoming elections this year, Pemberton said the country’s stance did not really matter. The U.S. is going to enjoy additional tax revenues, he noted.
Besides, it is the Congress and not the White House that prepares tax laws; and the GMT enjoys support from both Democrats and Republicans, he said.
Regarding uncertainties about Pillar 1 of the Global Minimum Tax and possible impacts on Pillar 2, Pemberton commented: "Pillar 2 is the train that's left the station so I think everybody's on board and that's gonna happen."
Meanwhile, Pillar 1 was more of a "standoff" between developed and developing nations. The benefits for developing nations in Pillar 1 are only marginal so "if I were Vietnam," the choice would be to view developments from the sidelines.
The international workshop was organized by Vietnam's Association of Foreign Invested Enterprises (VAFIE) and the Washington D.C.-based International Tax and Investment Center (ITIC). The Investor (www.theinvestor.vn) and its sister Vietnamese-language Nha dau tu (www.nhadautu.vn), which are under the VAFIE, were directly involved in preparing for the workshop.
On November 29, 2023, Vietnam's National Assembly, the country's highest legislative body, passed a resolution on levying additional corporate income tax as per Global Anti-base Erosion (GloBE) Rules; applying a tax rate of 15% to taxpayers who are constituent entities of multinational enterprises with turnover in the Consolidated Financial Statements of the Ultimate Parent Entity (UPE) for at least two of the four years immediately preceding the fiscal year reaching €750 million or more.
The exceptions are government organizations, international organizations, non-profit organizations, pension funds, investment funds that are UPEs, real estate investment entities that are UPEs, entities with at least 85% of the asset value owned directly or indirectly through organizations specified in points ‘a’ to ‘e’ of this clause.
The resolution takes effect on January 1, 2024, applicable from fiscal year 2024. To make regulations on corporate income tax consistent, the parliament requested the Government to urgently complete the dossier of the (amended) Law on Corporate Income Tax project and submit it to the Standing Committee of the National Assembly. The National Assembly will consider adding it to the 2024 lawmaking agenda.
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