The European Commission has issued a Progress Report to the Council on the Pillar 1 profit allocation rules.

---

1. Introduction

The Global Anti-Base Erosion (GloBE) Model Rules concerning Pillar Two of the October 2021 statement of the Inclusive Framework on Base Erosion and Profit Shifting (IF on BEPS) were approved on 14 December 2021 and released by the Organisation for Economic Co-op…