20/12/2023 - The OECD's Committee on Fiscal Affairs (CFA) has elected Mr. Tim Power, Deputy Director for Business and International Tax in His Majesty's Treasury of the United Kingdom, as the Chair of the Committee beginning on 18 December 2023. He replaces Mr. Gaël Perraud, who resigned in December 2023 following his move to a new position within the French Ministry of Finance.
As Chair of the CFA, Mr. Power will also serve as Co-Chair of the OECD/G20 Inclusive Framework on BEPS, alongside Ms. Marlene Nembhard-Parker of Jamaica, who became Co-Chair in March 2022.
At HM Treasury, Mr. Power and his team are primarily responsible for corporation tax, with responsibilities spanning tax base design, base protection measures, transfer pricing, and tax treaties. Additionally, they manage other taxes on incorporated businesses and those specific to the financial sector. Mr. Power has significant experience representing the United Kingdom in multilateral discussions within the OECD, starting with the origins of the Base Erosion and Profit Shifting (BEPS) project in 2013. Notably, he has had long-standing involvement in the Steering Group of the OECD/G20 Inclusive Framework on BEPS. More recently, he also served as Co-Chair of the Task Force for the Digital Economy including in finalising the Multilateral Convention (MLC) to implement Amount A of Pillar One – a key component of the Two-Pillar Solution to address the tax challenges arising from the digitalisation of the economy. The MLC co-ordinates a reallocation of taxing rights to market jurisdictions with respect to a share of the profits of the largest and most profitable multinational enterprises operating in their markets and, improves tax certainty and removes digital service taxes.
The CFA is the main forum for the OECD's discussions on taxation, covering both international and domestic tax issues and tax policy and administration. The CFA builds on strong relationships with OECD members and the close engagement of a large number of non-OECD, G20 and developing countries on an equal footing. Importantly, much of the CFA's work is carried out through the Inclusive Framework on BEPS, which currently counts 145 members.