A two-pillar corporate tax reform plan was agreed between OECD members in October 2021. The two-pillar plan forms part of the OECD’s project tackling base erosion and profit shifting (or BEPS). Whilst Pillar One will only apply initially to MNEs with annual global turnover above €20bn Pillar Two is expected to have a wider impact on businesses.
Pillar Two seeks to establish a global minimum corporate tax rate through a set of interlinked rules. Global anti-base erosion rules (‘the GloBE rules’) will impose top-up taxes where the effective rate of tax of a multinational enterprise in a jurisdiction is below the global minimum corporate tax rate (15%).
The UK government published a consultation in January 2022 on the implementation of 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:
A two-pillar corporate tax reform plan was agreed between OECD members in October 2021. The two-pillar plan forms part of the OECD’s project tackling base erosion and profit shifting (or BEPS). Whilst Pillar One will only apply initially to MNEs with annual global turnover above €20bn Pillar Two is expected to have a wider impact on businesses.
Pillar Two seeks to establish a global minimum corporate tax rate through a set of interlinked rules. Global anti-base erosion rules (‘the GloBE rules’) will impose top-up taxes where the effective rate of tax of a multinational enterprise in a jurisdiction is below the global minimum corporate tax rate (15%).
The UK government published a consultation in January 2022 on the implementation of 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: