The Organization for Economic Co-operation and Development (“OECD”) Global Tax Deal is a groundbreaking international agreement to overhaul how multinational corporations are taxed . It emerged from the Base Erosion and Profit Shifting (“BEPS”) project, launched in 2013 to combat tax avoidance by multinational corporations.[1] The BEPS initiative addressed how companies were shifting profits to low-tax jurisdictions, eroding global tax revenues.[2] After extensive negotiations involving 139 countries, including the U.S., the OECD Global Tax Deal was finalized in 2021.[3] Its purpose is to create a more unified international tax regime, with the U.S., home to several of the world’s largest multinational…
Author: nkhilwani1
On August 28, 2024, the co-founder and CEO of OpenSea, Devin Finzer, announced via X, formerly known as Twitter, that OpenSea, the widely popular non-fungible token (NFT) marketplace, had received a Wells Notice from the U.S. Securities and Exchange Commission (SEC).[1] According to Finzer, the notice asserted that under existing federal law, the NFTs on OpenSea are securities.[2] As a result, OpenSea was engaged in the offering of unregistered securities. Because OpenSea is the biggest NFT exchange in the world, offering a broad spectrum of NFTs, the issuance of a Wells Notice signals that the SEC may view all NFTs as…