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The EU should take a lead in shaping a consensus that works for the EU but has sufficient support to generate global support (which will give greatest certainty to taxpayers and governments).

This is why it’s appropriate that the EU should continue to explore how any consensus that emerges from the G20 can be implemented within the EU. And if there is not a global consensus the EU needs a plan B:

– Whether it’s a harmonized DST (with 10 MS already having a DST this may be a challenge) perhaps alongside non-EU countries looking to the EU for leadership.

– Pushing forward on the CCBT (Maybe the G20 initiative could help this long stalled project to move forward), perhaps under a new name.

– Or looking at minimum tax proposals, perhaps along the lines of the Ruding proposals.

At this stage it seems likely that there will be a consensus reached in October 2021 under the Italian G20 Presidency: The US position remains unclear at the political level, and as to what is possible in terms of getting legislation through Congress, all of which may take more time. Also there remain technical issues to resolve, and even when resolved a full implementation will take 3-5 years, during which businesses will have to live with the complexity of the current proposals.