In October the number of jurisdictions backing a framework for international tax reform reached 136 with all OECD G20 and EU members (except Cyprus) joining the latest statement. The way should now be clear for the widespread adoption of the two-pillar plan in all major economies. There were some refinements to the position set out in July’s statement with the amount of residual profit to be reallocated to market jurisdictions under pillar one narrowed down to 25% and the pillar two global minimum tax rate set at 15%. In the EU the Public Country-by-Country Reporting Directive looks set to soon enter into force with adoption by the European Parliament set to take place imminently. There are also plans to overhaul EU withholding tax procedures with the European Commission publishing a roadmap on a proposed new EU-wide system to avoid double taxation. Finally ...
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In October the number of jurisdictions backing a framework for international tax reform reached 136 with all OECD G20 and EU members (except Cyprus) joining the latest statement. The way should now be clear for the widespread adoption of the two-pillar plan in all major economies. There were some refinements to the position set out in July’s statement with the amount of residual profit to be reallocated to market jurisdictions under pillar one narrowed down to 25% and the pillar two global minimum tax rate set at 15%. In the EU the Public Country-by-Country Reporting Directive looks set to soon enter into force with adoption by the European Parliament set to take place imminently. There are also plans to overhaul EU withholding tax procedures with the European Commission publishing a roadmap on a proposed new EU-wide system to avoid double taxation. Finally ...
If you are not a subscriber, subscribe now to read this content.
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