The latest addition to our series of brief insights into the workings of the UK and supranational bodies reviewing the taxation of digitalisation of business.
29 October 2021- President Biden announces Build Back Better framework agreement; House leaders signal further changes
The framework agreement includes international tax proposals that would impose a global minimum “consistent with OECD” proposals, with an “appropriate effective date” for applying a 15% rate on a per-country basis. Our immediate reaction insight notes the revised bill text provides that the changes would be effective for tax years beginning after December 31, 2022. The agreement also includes a new “penalty rate for foreign corporations based in non-compliant countries (i.e., Base Erosion and Anti-Abuse Tax).”
26 October 2021 - India to withdraw Equalisation Levy when Pillar 1 implemented?