Large UK businesses have given a cautious welcome to the OECD’s BEPS initiatives. The OECD’s forecasts of large amounts of additional revenue that will be raised from the new global minimum tax, however, seem at odds with expectations of the largest UK listed corporates, a majority of whom expect to pay ‘nil or negligible’ incremental tax arising from the Pillar Two regime. In view of the inevitably high cost of complying with these new rules, it is hoped that the UK takes a realistic approach to their implementation and perhaps also takes the opportunity to remove existing UK legislation that is duplicated or made obsolete by Pillar Two.
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Large UK businesses have given a cautious welcome to the OECD’s BEPS initiatives. The OECD’s forecasts of large amounts of additional revenue that will be raised from the new global minimum tax, however, seem at odds with expectations of the largest UK listed corporates, a majority of whom expect to pay ‘nil or negligible’ incremental tax arising from the Pillar Two regime. In view of the inevitably high cost of complying with these new rules, it is hoped that the UK takes a realistic approach to their implementation and perhaps also takes the opportunity to remove existing UK legislation that is duplicated or made obsolete by Pillar Two.
If you are not a subscriber, subscribe now to read this content.
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