Australia is one of the latest jurisdictions to confirm its timeline for introducing the global minimum tax rate – despite its predicted low revenue gains for the country. At the same time, Australia is set to draft legislation for mandatorypublic country-by-country reporting (Cb...
As of March 1, 2024, 25 countries (including Japan, South Korea, and the UK) have either introduced draft legislation or adopted final legislation which implement some form of Pillar Two's Model Rules into their national laws. See PwC's Pillar Two Country Tracker for details. Additional ...
The deadline for filing the information return is 15 months after the year end, extended to 18 months for the first year in which a group is in scope. Groups will also be subject to local tax filing and payment obligations, in domestic legislation. The OECD inclusive framework will continue...
In March 2024, the Thai Revenue Department (TRD) initiated a public consultation regarding the draft law on the pillar two scheme. The proposed legislation lays out the framework to establish a minimum tax rate for MNEs, enabling the collection of top-up taxes following the global...
The quest for a "high" level of environmental protection in the European Union (EU) is dependent on the successful implementation and enforcement of EU legislation by Member States. Thus, despite the fact that the Community did not originally have a mandate to impose the choice of instrument of...
or the place of normal management and control. It is unclear precisely how these terms will be incorporated in the legislation. However, it is welcome that the FSTB and IRD acknowledge this issue. Interestingly, the document proposes making these provisions retrospective in their application. T...
The Pillar 2 proposals are more advanced than Pillar 1. Draft legislation was published by the Inclusive Framework in December 2021 and HMRC is currently consulting on how the Pillar 2 rules should be implemented into UK legislation. The regulations focus on a two-step approach for ...
LLOYDS BANK GROUP Lloyds Bank Group 2019 Half-Year Pillar 3 Disclosures 30 June 2019 2019 HALF-YEAR PILLAR 3 DISCLOSURES Page 1 of 41 BASIS OF PREPARATION On 1 January 2019 the UK implemented its ring-fencing legislation requiring banks to legally separate core retail banking activity from more...
propose to provide the CbCR safe harbour and QDMTT safe harbour in the domestic legislation. Filing obligations and complianceunder the GloBE Rules and HKMTT: in addition to filing ofa top-up tax return, there will be an obligation to file anannual notification on top-up tax...
It manages and oversees the ongoing business activities of CEP in accordance with the business model, strategic plan, risk appetite, policies, instructions and guidelines established by the Board, and applicable legislation and regulatory requirements. The Executive Committee reports to the Board as ...