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The United Kingdom released draft legislation on March 23, containing an income inclusion rule (IIR) and new draft legislation for a Domestic Minimum Top-up Tax, as part of the latest installment of the UK’s implementation of the OECD’s Pillar Two project. Both the UK IIR (‘Multinational Top-up Tax’) and the UK domestic minimum tax apply for accounting periods beginning on or after December 31, 2023.

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