ICI Welcomes OECD Pillar Two Side-by-Side Agreement

Washington, DC; January 5, 2025— The Investment Company Institute (ICI) issued the following statement regarding the Organisation for Economic Co-operation and Development (OECD) Pillar Two Agreement announced today.

“ICI welcomes today’s announcement of a side-by-side agreement on global minimum tax under OECD Pillar Two. The safe harbors contained within the framework align with Congress and the administration’s efforts to protect US business interests overseas from duplicative minimum foreign taxes.

“The new OECD framework also forestalls the need for the US to employ a retaliatory tax, which could have had the unintended consequence of discouraging foreign investment in US equities through funds. The US capital markets are the deepest and most liquid in the world, and the progress made to date will keep capital flowing to our shores, supporting our markets and benefiting the savings and retirement accounts of millions of American families.”