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Pillars of reform
Key points
- On 1 July 2021 130 countries signed up to the OECD’s pillar two solution to implement a minimum global corporate tax rate of 15%.
- This recent change has been long in the making: the G7 first pledged reform 25 years ago long before the taxation of US digital giants became a hot topic.
- The changes wrought by Covid-19 and lockdown have also contributed to putting this high on the agenda.
- While the new measures are likely to add to a business’ compliance costs a global solution is necessary to replace the multiple and inconsistent country-based solutions currently already in place or planned.
A hugely important day in the history of global political fiscal and social collaboration was marked on 1 July 2021 when 130 countries including the world’s leading economies signed up to a plan that will see multi-national...
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