Pillar Two – impact on the maritime industry
On December 20, 2021, the OECD published the Inclusive Framework on Base Erosion and Profit Shifting (BEPS) report, involving 137 countries. This one-pager provides insights into specialists view on the impact of Pillar Two on the Maritime Industry.
Revenues EU ETS and CBAM for the EU?
On December 22, 2021, the European Commission published its proposal for the next generation of EU own resources. There are from a Tax Sustainability perspective two proposed new resources of revenue in relation to the EU budget.
OECD publishes Global Anti-Base Erosion Model Rules (Pillar 2)
On December 20, 2021 the OECD published the Global Anti-Base Erosion (‘GloBE’) Model Rules, also known as Pillar 2. The GloBE Rules aim to impose a global minimum tax of 15% on multinational enterprises with a revenue in excess of EUR 750 million.
European Commission’s response to the OECD Pillar 2 model rules
On December 22, 2021, the European Commission published a proposed EU directive to incorporate Pillar Two into EU law. The rules generally mirror the OECD model rules released on December 20, 2021 but have a broader scope that includes large-scale purely domestic groups.
Year end 2021 tax accounting considerations
As the end of the year is fast approaching, many organizations will soon start preparing their year end financial statements. The announced 2022 Tax Plan may have a significant impact on those financials and especially the income tax position. The impact should be reflected once the 2022 Tax Plan is (substantively) enacted.