GFIA Global Federation of Insurance Associations

The Global Federation of Insurance Associations (GFIA) has written to the OECD with regard to its Global Anti-Base Erosion (GloBE) Rules. The GloBE – or Pillar Two Model – Rules aim to address the challenges posed by a digital economy, ensuring large multinational enterprises (MNEs) pay a minimum level of tax on income made in each jurisdiction where they operate.

In its response, GFIA argues that some clarification is still needed to ensure that the Rules are properly and consistently implemented across jurisdictions.

Among other issues, GFIA raises concern that local registration requirements for in-scope MNEs in some jurisdictions appear to be excessive, overlapping with reporting requirements in the Global Information Return. In its detailed response, GFIA notes that there are therefore some implementation issues and, furthermore, more work needs to be carried out to increase and improve simplification.