The OECD published a “Global Anti-Base Erosion” set of rules aimed at avoiding profits to be shifted to jurisdictions where they are subject to no or very low taxation.

In our response we state that banks are taxed in the appropriate jurisdictions based on where they have a regulated, taxable presence. Although we do not have any significant objections to the principles set out in the Pillar 2 consultation, we make 3 recommendations as we want to avoid unnecessary additional burden for banks.

IBFed letter to OECD_Digital Taxation_2 December 2019