Cross-border Tax Talks Pillar Two in Asia-Pac: Still happening
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Jul 8, 2025 In this engaging discussion, Jesse Kavanaugh, an international tax partner at PwC Hong Kong and expert in Pillar Two regulations, shares his valuable insights. He highlights the uneven implementation of Pillar Two across various Asia-Pacific jurisdictions and addresses the pending legislation in Hong Kong. Jesse explores the complexities of compliance management, particularly the pitfalls in transitional safe harbors and the unique challenges faced by industries like shipping and real estate. His crucial advice? Start preparing for compliance now!
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Culture Shock Moving to US
- Jesse Kavanaugh experienced culture shock moving from Australia to the US despite the shared language.
- His boss advised him to avoid self-deprecating humor as it appeared weak in the US cultural context.
Asia-Pacific's Uneven Pillar 2 Rollout
- Nine Asia-Pacific jurisdictions have implemented Pillar 2 with variations in rules and start dates.
- Several countries are delaying or excluding the UTPR due to legal uncertainties, especially related to US actions.
China and India Pillar 2 Uncertainty
- China and India have not announced Pillar 2 implementation plans and geopolitical factors add to the uncertainty.
- The US-China dynamic heavily influences China's Pillar 2 stance and upcoming global tax negotiations.
