The Pillar Two global minimum tax is here. Japan and South Korea have enacted domestic Pillar Two legislation, and many other countries have released draft legislation or publicly announced their plans to introduce legislation based on the OECD Model Rules. Many aspects of Pillar Two will be effective for tax years beginning in January 2024. Given the anticipated impact on interim and annual financial reporting in calendar year 2024, as well as future impacts on cash taxes and compliance requirements, companies are encouraged to act now.
The In the loop and In depth provide companies with what the Global taxation means for companies now and what action needs to be taken.