The OECD’s statement suggests that international tax reform to allocate profits to customer-heavy jurisdictions and impose a global minimum tax rate will happen. It also provides more detail on the reforms, including: the entities subject to the reallocation measures will be based on a financials (to begin with, turnover above €20bn profit before tax of at least 10% of revenue) rather than directed to particular industries; regulated financial services are to be excluded from pillar one; and the pillar two minimum tax rate is to be set at at least 15% and applied on a country by country basis.
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The OECD’s statement suggests that international tax reform to allocate profits to customer-heavy jurisdictions and impose a global minimum tax rate will happen. It also provides more detail on the reforms, including: the entities subject to the reallocation measures will be based on a financials (to begin with, turnover above €20bn profit before tax of at least 10% of revenue) rather than directed to particular industries; regulated financial services are to be excluded from pillar one; and the pillar two minimum tax rate is to be set at at least 15% and applied on a country by country basis.
If you are not a subscriber, subscribe now to read this content.
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