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<p>The Government is glad that on 8 October 2021 more than 130 countries reached agreement
on a Two-Pillar Solution to the tax challenges arising from the digitalisation of
the economy.</p><p> </p><p>As per the detailed implementation plan set out in the
October 2021 statement, the aim is that both Pillar 1 and Pillar 2 will be implemented
and effective by 2023. However, we cannot comment on the Organisation for Economic
Co-operation and Development’s funding requirements in this respect.</p><p> </p><p>As
part of the implementation process, both Pillars will be subject to the standard tax
policymaking process, with their impacts formally assessed through the Office for
Budget Responsibility’s forecast process.</p><p> </p><p>Monitoring and compliance
will be handled by HMRC, utilising their departmental budget allocated as part of
the Spending Review 2021.</p>
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