Recent developments that matter from around the globe, reported by Tim Sarson (KPMG).
G7 make progress on BEPS 2.0
Tax was in the media spotlight this month with the release of a communique in which G7 finance ministers and Central Bank governors committed to support for the OECD’s pillar one (the re-allocation of taxing rights) and pillar two (global minimum taxation) proposals. This follows the OECD’s publication of blueprints for the pillars in October 2020. While there are numerous issues still to work through the consensus among the G7 evidenced in the communique is a significant development that increases the likelihood that broader agreement can be reached at the G20 level and ultimately by the rest of the OECD.
Pillar one: global taxing rights
The G7 proposal on global taxing rights will see 20% of profits over a 10% margin threshold redistributed to market territories. Essentially the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Recent developments that matter from around the globe, reported by Tim Sarson (KPMG).
G7 make progress on BEPS 2.0
Tax was in the media spotlight this month with the release of a communique in which G7 finance ministers and Central Bank governors committed to support for the OECD’s pillar one (the re-allocation of taxing rights) and pillar two (global minimum taxation) proposals. This follows the OECD’s publication of blueprints for the pillars in October 2020. While there are numerous issues still to work through the consensus among the G7 evidenced in the communique is a significant development that increases the likelihood that broader agreement can be reached at the G20 level and ultimately by the rest of the OECD.
Pillar one: global taxing rights
The G7 proposal on global taxing rights will see 20% of profits over a 10% margin threshold redistributed to market territories. Essentially the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
