Colombia Official Talks Global Tax Deal, Mineral Trade

Countries are under pressure to finalize and sign the text of the OECD's multilateral tax treaty, one part of the international tax deal known as Pillar One, by the end of June.  Several OECD officials, including Manal Corwin, director of the organization's Center for Tax Policy and Administration, have reported significant progress on finalizing the document. But negotiations have hit a snag. The problem area is treatment of another part of Pillar One, known as Amount B, that's meant to simplify the way businesses value intercompany marketing and distribution transactions. The US and India, in particular, have butted heads over whether the measure should be mandatory.  In this week's episode of Talking Tax, Bloomberg Tax reporter Lauren Vella sits down with Dr. Santiago Gomez Cifuentes, head of congressional affairs at the Colombian Embassy in Washington, to talk about progress made on the Organization for Economic Cooperation and Development-led deal and what's holding back the completion of Pillar One. Gomez Cifuentes is in close contact with the Colombian delegation to the OECD, and serves as a go-between representing Colombian interests in conversations with US lawmakers. He spoke with Bloomberg Tax on his own behalf and doesn't represent the official position of the Colombian government. They also talk about Colombia's interest in the US Inflation Reduction Act and tax incentives that could boost mineral exports from Latin American countries. Produced by Matthew S. Schwartz.