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International review for July 2021

Speed read
132 jurisdictions have now backed a framework for international tax reform. Groups with at least €20bn in global revenues and 10% book profits before tax divided by revenues will see between 20%–30% of any profit above that 10% threshold allocated to market jurisdictions. The previous sectoral targeting of automated digital services and consumer facing businesses is gone. Extractive and regulated financial services industries are exempt. In addition, a global minimum tax rate of at least 15% will be introduced for certain groups. In other news, Kenya and Nigeria are proceeding with petroleum taxation reform. Transfer pricing for intangible assets remains a concern to tax authorities, with new legislation in Germany and compliance guidance in Australia. Singapore has streamlined its GST compliance processes when transfer pricing adjustments are made. Finally, Brazil continues to align its corporate tax rules with the international norm.

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