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BEPS 2.0
BEPS 2.0 rules dramatically change the international tax landscape, potentially bringing reporting and compliance challenges to every industry.
Being prepared for global minimum taxes
MNEs need to keep a close eye on developments in relevant jurisdictions as they implement global minimum tax rules into their domestic laws. Most large organizations are only at the start of their global minimum tax journey. Organizations will need to find ways to calculate their new taxes, evaluate the impact on their financial statements, and report to the relevant tax authorities around the world. They will also need to adapt their internal processes and systems to manage the new computations and data, to calculate their global minimum tax liabilities and satisfy reporting obligations.
Government tax policymakers around the world are collaborating on proposals for significant changes to international tax rules in light of the globalization and digitalization of the economy. The G20/OECD project on addressing the taxation of digital economy began in 2019, building on the final reports issued in 2015 in the earlier project on BEPS.
The current project, referred to as BEPS 2.0, has two elements:
- Pillar One on new nexus and profit allocation rules with the objective of assigning a greater share of taxing rights over global business income to market countries, and
- Pillar Two rules on new global minimum tax, approved in December 2021 by 141 jurisdictions participating in the BEPS 2.0 project.
The Pillar Two Model Rules provide for a global minimum tax of 15% applicable to multinational enterprise (MNE) groups with a global turnover of €750 million or more.
What EY can do for you
EY’s integrated global team of local and international tax, tax compliance, and tax technology professionals can help you navigate the complex rules and assess potential impacts. EY teams can also work with you to develop a robust, actionable plan to be ready when the rules are enacted and effective.
End-to-end support for a major tax challenge
Businesses affected by Pillar Two may have already started to assess the impact on their future effective tax rates (ETR), but this is just the beginning. Here is a snapshot of the four steps in the path toward managing global minimum taxes – most organizations are only at step one.
Developing a bespoke action plan
Once a multinational organization conducts a high-level impact assessment, an actionable plan for global minimum taxes in terms of compliance and management will need to be established. But as the clock is ticking, any challenges should be diagnosed as early as possible, so that they can be resolved before implementation.
Implementing the plan
Being prepared for Pillar Two will require significant cross-functional coordination involving tax, accounting, legal, systems/IT, and business stakeholders.
The complexity around global minimum tax rules can be an overwhelming proposition for some, and a major challenge for all. By working with EY teams, your organization can manage this complexity and be compliant with applicable rules, balancing cost, service, tax controversy, and tax risk.
Watch latest webcasts on BEPS
Multi-hub operating models in the context of global developments and tax reforms
In this webcast, panelists discuss the impact of global business trends on multi-hub operating models. Learn more.
06 Apr 2022 | 14:00 your local time
How unilateral digital services taxes put global tax reforms in motion
This episode of Tax and Law in Focus explores how the proliferation of DSTs has helped fast-track BEPS 2.0, triggering the biggest shake-up in international taxation for decades. Listen here.
26 Jan 2022
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Why the tax controversy department of the future should be built now
In this webcast, panelists discuss key findings of the 2021 EY Tax risk and controversy survey. Learn more.
08 Apr 2021 | 15:00 your local time
How technological disruption is accelerating change in tax functions
In “Tax and Law In Focus,” Simon Hobbs interviews EY’s Clare Franklin and Takeda’s Ross Hay on how technology is accelerating change in tax. Learn more.
26 Feb 2021
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How tax and law affects factory conversions to fight COVID-19
Simon Hobbs interviews Gijsbert Bulk, Cornelius Grossmann and Rob Weber about the tax and people challenges associated with factory conversions. Learn More.
10 Nov 2020
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