Pillar 2 will establish a global minimum tax regime which will apply to both public and privately held multinational groups with consolidated revenue over €750m. Global agreement has been reached to bring these rules into law and the OECD has released model rules.
The EU released a draft directive requiring EU member states to introduce the rules by 31 December 2023. In the UK it was confirmed on 14 June 2022 that the UK rules are intended to apply for accounting periods commencing on or after 31 December 2023. These dates are subject to final confirmation and draft legislation will be issued in Summer 2022.
Given the tight timeline, the key actions for groups falling within the scope of the minimum taxation rules will be to assess the impact and prepare resources for the additional compliance requirements, to communicate the effects to the stakeholders and train teams. It starts now!
We help assess and model the likely financial and operational consequences of Pillar 2.
Services include:
We can enhance your reporting and data analytics capabilities.
Services include:
We help you meet your ongoing reporting and compliance obligations
Services include:
