Tim Sarson’s latest summary of international developments.
Following his inauguration, President Biden has the potential to implement some of his more significant tax policy proposals, such as increasing the top statutory corporate income tax rate from 21 percent to 28 percent and the creation of a new 15 percent corporate minimum tax on global book income of $100 million and above. The OECD’s work on pillar one and pillar two has not slowed with public consultations taking place in January 2021 following a period of consultation last year. In Europe, an eleventh-hour UK/EU Free Trade Agreement provides that UK and EU goods are not subject to tariffs or quotas as long as they meet specific ‘rules of origin’; however, importers and exporters will already have noticed a fundamentally changed process at the border.
In the latest of his regular articles for Tax Journal*, Tim Sarson looks back at some of the interesting developments that unfolded over the past month in the international tax arena. This article includes updates on the following:
* First published by Tax Journal on 29 January 2021. Reproduced with permission.
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