22 August 2022
GFIA has published its response to a consultation by the OECD and G20 on their Base Erosion and Profit Shifting (BEPS) Progress Report on Amount A of Pillar One, which the federation welcomes.
Schedule C of the Progress Report, on the exclusion of Regulated Financial Services (RFS), reflects many of the key technical features of the insurance and asset management sectors. This is a welcome confirmation of the consideration given by the OECD secretariat to these key issues.
While much progress has been made on the RFS exclusion, GFIA has identified a few remaining areas of concern — most notably, the definitions as set out in Section 20 of Schedule C — which are highlighted in GFIA’s response.
