AICPA to G7: We need the fine print
The Association of International Certified Professional Accountants (AICPA) has fired off a formal letter asking for “timely guidance” on the brand-new Global Minimum Tax deal, The Accountant Online reports. The request zeroes in on the Pillar Two framework, the 15% floor designed to curb profit-shifting by multinational enterprises (MNEs).
The Big Picture: The ink is barely dry on the G7 agreement, but U.S. companies are already nervous. Without clear rules that mesh with existing U.S. tax credits, think the Section 41 R&D credit, the AICPA warns of “double taxation” and ballooning compliance costs. For an introduction to similar tax challenges and reforms, readers may refer to Introduction To Nigerian Tax Laws.
The Details: In its letter, the group highlights gray areas around substance-based, non-refundable credits. It also wants reassurance that the deal will actually protect U.S. MNEs from tougher foreign regimes. As the AICPA puts it, guidance must land “as soon as practicable” to keep CFOs from playing a guessing game. For a more comprehensive look at evolving tax administration and compliance measures, see our detailed guide on the Nigeria Tax Administration Act, 2025.
Why It Matters: The reaction was swift across tax departments. Any hiccup in Pillar Two could translate into surprise liabilities in 2026 filings. As one tax director put it to The Accountant Online, “uncertainty is the most expensive line item on our balance sheet.” For more insight into navigating a shifting tax landscape, consider exploring the broader reforms discussed in Nigerian Tax Laws 2025 - Comprehensive Tax Reform Legislation.
Around the Tax World
- Vietnam drafts its first international tax chapter. The Ministry of Finance’s proposal would bake Mutual Agreement Procedures and Advance Pricing Agreements directly into law, aligning the country with OECD standards (LuatVietnam).
- Can Africa tax its way to self-reliance? A Devex Newswire deep-dive explores how improved revenue systems could fund health and climate goals across the continent (Devex).
- IRS talent heads to Big Law. Baker McKenzie scooped up Jennifer Best, the former acting commissioner of the IRS Large Business & International Division, strengthening its controversy bench (International Tax Review).
- Swedish court OKs Canadian fund’s WHT refund. A June ruling said a Canadian mutual fund was “comparable” to a Swedish special fund, even with precious-metals exposure, unlocking dividend refunds (International Tax Review).
By the Numbers
Prime Number: 12
Australian scholar Miranda Stewart, returning to NYU as visiting professor, has authored or edited a dozen books on tax, underscoring academia’s growing clout in global policy debates (NYU School of Law).
Looking Ahead
All eyes are on the G7 finance ministers’ meeting next month, where draft administrative guidance for Pillar Two is slated to surface. Until then, tax teams will be sharpening their pencils and preparing for new compliance requirements as outlined in Nigerian Tax Laws 2025 - Comprehensive Tax Reform Legislation.