The OECD inclusive framework will continue to work on the development of centralized filing requirements allowing for the information return to be filed with the tax authority of the ultimate parent entity (or another designated filing entity). The information return will be automatically exchanged wi...
Taxpayers filing the feedback matrix as an attachment to their pillar two return should get penalty relief. This would be in cases where errors are being uncovered within the tax assessment or tax audit process. The feedback matrix would serve a similar purpose as taxpayers disclosing their...
The CEs in Hong Kong will each have a top-up tax return filing obligation, which will be a single return for both the GloBE Rules and HKMTT. Groups may specify one entity to make a single filing on behalf of all entities in order to discharge their obligation. However, the filing ...
OECD Secretary-General Tax Report to G20 Finance Ministers and Central Bank Governors; Public consultation document on Amount B of Pillar One; Pillar Two Subject to Tax Rule (STTR); Pillar Two GloBE information return; and The second set of Pillar Two administrative guidance. ...
Additionally, more BEPS functionality is in development, including return-ready data, visualizations to identify at-risk jurisdictions, as well as features to help manage your myriad of Pillar 2 elections. Faster, more accurate reporting with Longview Tax means your team won’t have to wait for ...
Longview Tax also provides you with return-ready data, data visualizations to spot jurisdictions at risk of top-up tax, and a tool to help you manage your Pillar Two elections effectively. What type of compliance and reporting requirements are needed for Pillar Two? Why can’t I do this ...
filing deadlines for (i) the top-up tax notification will be no later than6 monthsafter the end of the fiscal year and (ii) the top-up tax return will be no later than15 monthsafter the end of the fiscal year (extended to18 monthsin the first / transitional year);...
2. Modeling Model and assess the potential impact of Pillar Two on your tax profile with Pillar Two Impact Assessment Model Find out more 3. Compliance Facilitating your Pillar Two compliance and reporting obligations with Pillar Two Agent
The BEPS Pillar Two Rules are a key component of the OECD’s Two Pillar Solution which reforms the international taxation rules to ensure that large multinational enterprise pay a global minimum tax of 15%. In October 2021, over 135 countries, including Malaysia have signed up to the Two ...
This is assuming that a constituent entity only operates in a single jurisdiction, and it is also noteworthy that the obligation to prepare the GIR is separate from any local tax return requirements. Implementing jurisdictions will in many cases also amend the local corporate income tax return to...