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IESBA’s standards, set to take effect in July 2025, are intended to strengthen the ethical framework that guides professional accountants providing tax planning services.
The 15% rate applies to multinational companies active in EU member states; the European Commission says Pillar Two rules limit a ‘race to the bottom’ in tax rates.
The UK government plans to provide relief measures, including raising National Insurance thresholds in line with income tax, as a relief to taxpayers in difficult economic times.
The OECD acknowledged that companies could continue to benefit from profit-shifting strategies already in place but expects companies to be unable to build up such tax shields in the future.
The Chancellor of the Exchequer Rishi Sunak announced an increase in public spending on R&D to £20 billion a year by 2024 and a total £3.8 billion increase in skills spending.
After years of difficult negotiations, an OECD-brokered deal to update international corporate tax rules has the support of all OECD countries and is closer to becoming reality.
Finance ministers for the G7 reached an agreement on Saturday supporting a global minimum tax rate of at least 15%. Here’s how it would work and what might happen next.
The EU General Court overturned a European Commission order that would have required Amazon to pay about €250 million in back taxes, dealing another setback to the commission’s crusade against preferential state aid deals.
The board’s amendment removes the uncertainty on whether the exemption from recognising deferred tax applies to leases and decommissioning obligations.
