Australia and the United States are among countries that could struggle to implement new rules for taxing major multinationals ahead of a 2023 start date
are beginning to plan for implementation, with the newest details taking 130 countries closer to a 2023 start date.
said local legislation in signatory countries was expected to progress in 2022, but domestic political challenges such as Australia’s federal election and the congressional gridlock facing US President Joe Biden’s agenda could complicate the timeline. “From my discussions, some groups were starting to think about how these rules might affect them based on the July and October statements, but not many have done detailed work because they had been waiting for these model rules, which had been delayed again and again,” Ms Lum told“I think now is when a lot will really start to plan properly.
The plan is based on two so-called pillars: pillar one is designed to better allocate profits for tax reasons, while pillar two will institute the new global minimum corporate tax rate.Digital giants such as Facebook, Google and Amazon will be required to pay tax in the countries where their goods or services are sold, even when they have no physical presence there.About 100 of the biggest multinational companies in the world will pay tax on 25 per cent of profits over a 10 per cent margin.
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