{"id":5143,"date":"2022-01-20T04:00:00","date_gmt":"2022-01-20T04:00:00","guid":{"rendered":"http:\/\/im-23093"},"modified":"2023-01-11T11:14:01","modified_gmt":"2023-01-11T11:14:01","slug":"global-minimum-corporation-tax-of-15","status":"publish","type":"post","link":"https:\/\/www.oneaccounting.co.uk\/global-minimum-corporation-tax-of-15\/","title":{"rendered":"Global minimum Corporation Tax of 15%"},"content":{"rendered":"

A new consultation has been published by the UK government seeking views for how a worldwide 15% minimum Corporation Tax should be enforced domestically. This follows more than 130 countries signing up to a new global minimum tax framework in October 2021, after the G7 agreed in principle to this measure during UK’s presidency.<\/p>\n

We have also seen publication of the Global Anti-Base Erosion Model Rules (Pillar Two) by the OECD\/ G20 on 20 December 2021. This paper states that implementation of these new rules is envisaged by 2023.<\/p>\n

This new agreement is expected to ensure large international firms pay at least 15% tax rate on profits in each country in which they operate, helping to tackle avoidance and ensure a more level playing field for UK businesses.<\/p>\n

The consultation will run for 12 weeks and seeks views on the application of the global minimum Corporation Tax in the UK, as well as a series of wider implementation matters, including who the rules apply to, transition rules and how firms within scope should report and pay.<\/p>\n

Source: HM Government Tue, 18 Jan 2022 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"

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