In what might mark the start of divergence in international implementation of the global minimum tax, Singapore, Hong Kong and Thailand have announced the Pillar Two rules will be effective from 2025, rather than 2024. In the US, the FY 2024 Budget proposes significant tax increases for companies, investors and wealthy individuals, but divisions in Congress mean it is unlikely any of these proposals will become law, at least in the short term. Europe continues its efforts to keep pace with the US on green incentives, with temporary relaxation of state aid rules. The OECD has published a report on the latest developments in international tax reform. Brazil has issued further guidance on its new OECD-aligned transfer pricing regime. Finally, multinationals should note the latest changes to the EU list of non-cooperative jurisdictions and consider the broader implications for DAC 6 and EU public country by country reporting.
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In what might mark the start of divergence in international implementation of the global minimum tax, Singapore, Hong Kong and Thailand have announced the Pillar Two rules will be effective from 2025, rather than 2024. In the US, the FY 2024 Budget proposes significant tax increases for companies, investors and wealthy individuals, but divisions in Congress mean it is unlikely any of these proposals will become law, at least in the short term. Europe continues its efforts to keep pace with the US on green incentives, with temporary relaxation of state aid rules. The OECD has published a report on the latest developments in international tax reform. Brazil has issued further guidance on its new OECD-aligned transfer pricing regime. Finally, multinationals should note the latest changes to the EU list of non-cooperative jurisdictions and consider the broader implications for DAC 6 and EU public country by country reporting.
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