Tim Sarson (KPMG) reviews some of 2021’s key international tax developments and consider what’s in store for these next year.
Global
BEPS 2.0
2021 has seen significant progress be made on the OECD’s BEPS 2.0 project which proposes modernisation of the global tax rules to better fit an increasingly digital economy. The proposals are based on two pillars: reallocation of multinationals’ profits and a global minimum tax rate. On 1 July 2021 in an historic agreement 130 countries approved a statement providing a framework for reform. In the months that followed early holdouts such as Estonia Hungary and Ireland also signed up. In October 136 jurisdictions approved a new statement which updated the previous Inclusive Framework statement from July and provided some additional details on both pillars as well as a detailed implementation plan. Although there are still substantial hurdles to overcome these developments form...
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Tim Sarson (KPMG) reviews some of 2021’s key international tax developments and consider what’s in store for these next year.
Global
BEPS 2.0
2021 has seen significant progress be made on the OECD’s BEPS 2.0 project which proposes modernisation of the global tax rules to better fit an increasingly digital economy. The proposals are based on two pillars: reallocation of multinationals’ profits and a global minimum tax rate. On 1 July 2021 in an historic agreement 130 countries approved a statement providing a framework for reform. In the months that followed early holdouts such as Estonia Hungary and Ireland also signed up. In October 136 jurisdictions approved a new statement which updated the previous Inclusive Framework statement from July and provided some additional details on both pillars as well as a detailed implementation plan. Although there are still substantial hurdles to overcome these developments form...
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:
