As of end 2023, 10 out of 14 members in ASEAN+3 have joined the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) and embraced its two-pillar approach, alternatively known as BEPS 2.0. Scheduled for implementation in 2024, the global tax reform is expected to reduce tax competition between jurisdictions and provide a unique opportunity to reform tax incentives, especially for developing economies, to attract genuine investment. This note provides an update on the significant progress made and discusses the challenges faced by the ASEAN+3 member economies, the United States, and Europe. The note also delves into essential policy responses and administrative considerations for governments gearing up to implement the global tax reform in their economies.