OECD has released Global Anti-Base Erosion Model Rules (Pillar Two)

January 12, 2022

The OECD has released Global Anti-Base Erosion Model Rules (Pillar Two) on their website on 20 December, 2021.

These Model Rules form part of BEPS 2.0 Project and provide governments with a template for implementing the Pillar 2 agreement that was reached in October 2021 by 137 jurisdictions in the OECD/G20 BEPS Inclusive Framework.

The Global Anti-Base Erosion Rules (GloBE) are a key component of this plan and ensure large multinational enterprise pay a minimum level of tax on the income arising in each of the jurisdictions where they operate.

The Pillar Two:

defines the scope of the GloBE Rules;
determines the constituent entities in the group that are liable for any top-up tax and the portion of any top-up tax charged to any such entity;
contains rules relating to acquisitions, disposals and joint ventures;
covers administrative aspects of the GloBE Rules including information filing requirements as well as the application of any safe-harbours.

Original source: https://www.oecd.org/tax/beps/tax-challenges-arising-from-the-digitalisation-of-the-economy-global-anti-base-erosion-model-rules-pillar-two.htm

Most Read News

January 24, 2020

Professional Tax – new tax for Cyprus companies

At the end of 2019 Cyprus municipalities introduced a new tax for Cyprus companies called Professional Tax.

July 10, 2020

Cyprus: Since 1 of July Contributions to the GESY Fund Have Increased

From March 1, 2020, contributions to the Fund of the state health insurance system of Cyprus GESY were supposed to grow as part of the second stage of the reform of this system.

May 18, 2020

CRS and FATCA: extension of reporting deadlines

In 2020, the deadlines for submitting financial statements in accordance with CRS and FATCA standards has changed.

December 03, 2019

Happy Lawyer’s Day!

December 3 is the lawyer's day in Russia. Congratulations to our colleagues on their professional holiday!

May 08, 2020

CySec: Changes of the Due Date for Some Obligations in Cyprus

The financial regulatory agency of Cyprus (CySec) has changed some due date obligations for issuers, providers and funds: The due date for the obligation of issuers to publicise the annual financial statements for 2019, is postponed for the 30 of June 2020. The due date for [...]

February 24, 2019

Amendments to Cyprus Company Law

The Cyprus Department of Registrar of Companies and Official Receiver (ROC) announced amendments to the Cyprus Company Law.

April 15, 2020

Professional consulting support of our specialists

Taking into account the current situation, our clients have a lot of different issues that require professional consulting support on-line.

February 17, 2020

OECD has published a consultation document on the review of Country-by-Country Reporting

OECD released public consultation document that is based upon the mandate set out in the BEPS Action 13 report, and focuses on issues concerning the use of CbC reports by tax administrations for the purposes of a high level transfer pricing risk assessment. The public consultation document [...]