News

BRUSSELS | 15 NOVEMBER 2021 European Parliament Adopts Public Country-by-Country Reporting Legislation The European Parliament has now adopted legislation introducing public country-by-country reporting obligations for multinationals to declare the amount of tax paid in EU Member States. Under the legislation, multinationals and their subsidiaries which have an annual revenue over €750 million and are active in more than one EU [...]

BRUSSELS | 8 NOVEMBER 2021 World Leaders Endorse Global Tax Deal Following the agreement on global minimum corporate tax and the partial reallocation of profit to market countries, endorsed on 8 October by G20 Finance Ministers, the G20 political leaders issued a political declaration setting out their commitment to implement the deal as agreed with the OECD-endorsed timeline. The leaders [...]

BRUSSELS | 25 OCTOBER 2021 US, UK & EU Countries Agree Transitional Repeal of Unilateral Digital Taxes Following the agreement reached by 136 jurisdictions on global minimum corporate tax and the partial reallocation of profit to market countries, endorsed last week by G20 Finance Ministers, Austria, France, Italy, Spain and the United Kingdom have now [...]

BRUSSELS | 18 OCTOBER 2021 G20 Endorse International Taxation Agreement On 13 October, G20 Finance Ministers endorsed the agreement reached by 136 jurisdictions on global minimum tax and partial reallocation of profit to market countries, stating in its Communique that “This agreement will establish a more stable and fairer international tax system. We call on the OECD/G20 Inclusive Framework on BEPS [...]

BRUSSELS | 11 OCTOBER 2021 Historical Agreement on International Taxation Under OECD Auspices Following years of difficult discussions, under the auspices of the OECD and G20, 136 jurisdictions reached an agreement on global minimum tax and partial reallocation of profit to market countries, marking the most significant reform of international tax rules in history. The Statement released [...]

BRUSSELS | 4 OCTOBER 2021 Withholding Taxes – New EU System to Avoid Double Taxation   The European Commission has now published a Roadmap concerning a new EU system on withholding taxes, designed to avoid double taxation. The publication precedes a public consultation questionnaire which will also be launched in Q4 2021 on the Have Your Say website. [...]

BRUSSELS | 27 SEPTEMBER 2021 Member States Challenge Legal Basis for Public CbCR In statements issued at the EU Council’s first reading of the draft public CbCR directive, several Member states have rejected the legal basis of the legislative proposal, namely Croatia, Cyprus, the Czech Republic, Hungary, Ireland, Luxembourg, Malta and Sweden. The countries all set out in the [...]