AICPA requests clarity on global minimum tax framework

The Association of International Certified Professional Accountants (AICPA) has formally requested guidance regarding the implementation of the Pillar Two framework, which is part of the recent G7 agreement on a Global Minimum Tax.

This framework is intended to operate alongside the US tax regulations for Multinational Enterprises (MNEs) and in conjunction with the Organisation for Economic Co-operation and Development (OECD) standards.

In its letter, the AICPA stresses the importance of timely guidance, and also raises issues related to substance-based non-refundable tax credits, specifically referencing the US section 41 research credit.

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