OECD/G20 BEPS Progress Report welcomed; GFIA calls for refinements

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.

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