Very pleased to have been invited to join a panel of experts of GloBE implementation at the United States Council for International Business (USCIB) International Tax Conference at the beginning of this week. An important opportunity for government and business representatives to discuss the rapidly evolving implementation landscape and the work we are doing to facilitate the consistent and coordinated implementation of the rules. Panel members welcomed recent guidance issued in June but there were calls from business for the development of more comprehensive and permanent safe-harbours while implementing countries remain concerned about protecting the integrity of the carefully negotiated outcomes under Pillar 2. The discussion (and the work) continues. https://lnkd.in/gZm-D-Zn
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The Member States of the EU have completed the transposition of the provisions of the Council Directive (EU) 2022/2523 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union (“Directive”) into their national laws and will apply them with respect to financial years beginning on 1 January 2024 (with certain exceptions). What is the potential impact on Serbia?
Global minimum tax rate implementation in the EU – impact on Serbia as a non-member | BDK Advokati
https://bdkadvokati.com
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Global taxation is evolving! The introduction of Global Minimum Tax (GMT) is reshaping the tax landscape for multinational enterprises. Join our webinar with EY to grasp the importance of timely action. Key Insights: Navigating GMT Compliance Complexity: With data aggregation from over 150 sources, streamlining tax processes through end-to-end automation is crucial. Efficient knowledge management is key to meeting evolving BEPS Pillar Two standards. Beware the 2026 Fallacy: Don't underestimate the timeline! Transitional Safe Harbor provisions expire in December 2026, leaving just three years to integrate GMT complexities. Act now to stay ahead of the curve. Don't miss out! Register now to secure your spot: https://lnkd.in/gM8fwHwy Sam Johnstone Manrong Zhang Caroline Wright #GlobalMinimumTax #TaxCompliance #Webinar #EY #BEPS #ThomsonReuters
Webinar: GMT Compliance - Calm Before the Storm
thomsonreuters.com.sg
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First draft of #GloBE implementation act submitted in Poland! The Polish Ministry of Finance has published for consultation the draft act implementing the Council Directive (EU) 2022/2523, which seeks to ensure a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups. In the new article for ITR (International Tax Review) Monika Dziedzic and Lukasz Kumkowski discuss the possible challenges arising for the Polish legislator with the introduction of new provisions. The proposal constitutes a key threat for Poland’s competitiveness as an investment location. Read #MORE >> https://lnkd.in/d4b6F2A2 In case of any questions, please contact our experts! #MDDPKnowledgePlatform #MDDP
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Which of the priority areas from the proposal for Draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation is most relevant to you? #Taxation of income from cross-border services was chosen as a relevant item to monitor by more than 40% of participants to a recent KPMG webcast, with taxation of the digitalized and globalized economy coming in second. Many stakeholders are concerned by the prospect of a duplication in the #UN Ad Hoc Tax Committee of the work already done at the level of the #OECD on the latter topic. This is a valid concern that must be balanced against the potential benefits from the establishment of fundamental principles to ensure fully inclusive consultation on substance and process, a system of governance for international tax cooperation and the establishment of an inclusive, fair, transparent, efficient and equitable international tax system. This view and other relevant points are reflected in the KPMG comments on the zero draft, available on the public consultation page: https://lnkd.in/df5KBUgP For a discussion on the direction of travel at the level of the UN and other international tax and EU hot topics, sign in to listen to the playback: https://lnkd.in/dJEXC-43 Marco Dietrich Ana Puscas Michael Freudenberg Nina Matvienko Vinod Kalloe Grant Wardell-Johnson David Wren Begüm Onar
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[Experts Corner] United Nations Enters Fray: Winds of Change in International Tax System by Tarun Jain Read Full Article Here- https://lnkd.in/dS79nUfU #ExpertsCorner #internationaltax #inclusiveframework #UnitedNations #ModelTaxConvention #standardmultilateralconvention #scconline #SCC #InternationalTaxSystem #legalnews #scconlineblog #legalknowledge #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews
United Nations Enters Fray: Winds of Change in International Tax System
https://www.scconline.com/blog
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A few months back the United Nations had made a big commitment to the cause of reforming international taxation rules by formally resolving towards “developing a United Nations framework convention on international tax cooperation is needed in order to strengthen international tax cooperation and make it fully inclusive and more effective”. Acting on the resolution, the Department of Economic Affairs of the United Nations has initiated the process with the constitution of the 'Ad Hoc Committee to Draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation''. Earlier this week, the Committee set the ball rolling with its first meeting amongst a simple agenda [available at https://lnkd.in/gZeB4dyq] Most crucially, in the spirit of transparency and living upto the promise of having an inclusive process, the entire meeting of the Committee has been placed in public domain [available at https://lnkd.in/g8YKydfc] I had the opportunity of penning my on the subject at SCC Online [available at https://lnkd.in/gEqZwc6y] where I have described how this development is likely to be a monumental shift in the shape and contours of international taxation rules as we know it. Glad to note that the Committee has begun its functioning and has accorded the requisite priority to the subject. #internationaltaxation #internationaltax #BEPS #TwoPillar
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Don't delay! The time to prepare for Global Minimum Tax (GMT) is now. Join us for an informative webinar where industry experts will discuss key strategies for navigating the complexities of GMT compliance. Register today to stay ahead of the curve! https://lnkd.in/gHQCNzXe #TaxCompliance #GlobalMinimumTax #WebinarRegistration
Calm before the Storm - GMT Compliance
thomsonreuters.com.hk
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Calling all CFOs and Tax Heads: Global Minimum Tax (GMT) isn't just on the horizon; it's here. Join our webinar with EY to understand why timely action is crucial. Key Insights: Navigating GMT Compliance Complexity: With data aggregation from over 150 sources, streamlining tax processes through end-to-end automation is imperative. Efficient knowledge management is essential to meet evolving BEPS Pillar Two standards. Beware the 2026 Fallacy: Don't underestimate the timeline! Transitional Safe Harbor provisions expire in December 2026, leaving just three years to integrate GMT complexities. Act now to stay ahead of the curve. And much more, register now: https://lnkd.in/gM8fwHwy Sam Johnstone Manrong Zhang Caroline Wright #globalminimumtax #taxcompliance #taxtechnology #thomsonreuters #ey
Webinar: GMT Compliance - Calm Before the Storm | Thomson Reuters
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Head of the Advanced Tax Rulings Unit (Direct Taxation), Tax Department - Ministry of Finance, CYPRUS
The American Chamber of Commerce to the European Union (AmCham EU) in a comprehensive report released on 24/1/2024, expresses its concerns regarding the impact of the EU BEFIT proposal on businesses in Europe. Particular cons are highlighted including additional complexity and compliance burdens, failure to fully align with the EU Pillar 2 Directive, discrepancy from the ALP (hence a rise in disputes and an increased risk of double taxation). It points to the need for "simplification" - crucial for growth and competitiveness in the EU. https://lnkd.in/dYRYCCtZ
amcham_eu_befit_directive_consultation_response_20240124.pdf
amchameu.eu
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🗞️ [NEWS] Portugal has confirmed its support for greater tax certainty by being the latest tax administration to join the OECD International Compliance Assurance Programme for a co-ordinated tax risk assessment of large MNEs groups. ICAP is a voluntary programme that uses Country-by-Country Reports and other information to facilitate open and co-operative multilateral engagements between MNE groups and tax administrations. 📅 The next three deadlines for submission of an application to participate in ICAP are: 𝟑𝟏 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟒 𝟑𝟎 𝐒𝐞𝐩𝐭𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟒 𝟑𝟏 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟓 MNE groups that wish to discuss possible participation in ICAP should contact the tax administration in the jurisdiction where their ultimate parent entity is resident in advance of the next application deadline of 𝟑𝟏 𝐌𝐚𝐫𝐜𝐡 𝟐𝟎𝟐𝟒. 🔍 See more details about the programme ➡️ https://oe.cd/icap #OECDICAP #Portugal #tax #OECD #OECDtax #taxcertainty #taxcompliance #compliance #MNEs #taxadministration #internationaltax #FTA #riskassessment #CbCR
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SVP and International Tax Counsel at USCIB
2moGlad you could contribute again this year John Peterson!