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International review for January 2021

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Following his inauguration, President Biden has the potential to implement some of the more significant tax policy proposals, such as increase in the top statutory corporate income tax rate from 21% to 28% and the creation of a new 15% corporate minimum tax on global book income of $100m and above. The OECD’s work on pillar one and pillar two has not slowed with public consultations taking place in January following a period of consultation last year. In Europe, an eleventh-hour UK/EU Free Trade Agreement provides that UK and EU goods are not subject to tariffs or quotas as long as they meet specific ‘rules of origin’; however, importers and exporters will already have noticed a fundamentally changed process at the border as the red-tape curtain has descended across the channel.

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