Mr. Seamus Coffey:

There seems to be some international disagreement or disharmony about the implementation of pillar 1. We have seen some progress with pillar 2, the minimum tax, but there does seem to be some disagreement on the reallocation of taxing rights under pillar 1, particularly when it comes to the US and whether such changes would get through the US Congress and the US Senate with the required number of votes. With pillar 1, you need more multilateral agreement because it is a reallocation of taxing rights across countries. When it comes to pillar 2, the minimum tax, countries can essentially implement that. The EU has taken an approach and can implement the minimum tax on profits subject to its jurisdiction. When it comes to pillar 1 and reallocation, we need that multilateral approach of countries to agree. At this remove, it looks like implementing pillar 1 by 2026 is unlikely.