Tom Phalen’s Post

#31 BEPS 2.0 – Pillar 2 update Singapore opens another public consultation On 4 October 2024, the Inland Revenue Authority of Singapore opens another round of public consultation on implementation of #PillarTwo. Comments are invited on the following two sets of documents: 1. GloBE Safe Harbour: lays down proposed regulations on safe harbours namely, Transitional CbCR Safe Harbour, QDMTT Safe Harbour and Simplified Calculation Safe Harbour. 2. Transitional provisions: lays down proposed regulation with respect to adjustments in computing Adjusted Covered Taxes during the transitionary period. Previously, a public consultation was held in the month of June till early July on the Multinational Enterprise (Minimum Tax) Bill (now enacted) and the subsidiary legislation. The consultation is open for comments till 18 Oct 2024. https://lnkd.in/enPcF98t #oecd #oecdtax #globalminimumtax #pillartwo #internationaltax

This is an interesting article about what Country by Country Reporting could look like and based on the UK experience companies may look to rationalise their operations and or make greater use out of subsidiaries.   https://lnkd.in/guVGhx9t

Australian Public Country by Country Reporting is set to be introduced to Parliament today, with an effective date from 1 July 2024. This law requires large multinationals in Australia to gear up for a new era of transparency, distinct from the EU Public CbCR rules, with unique data requirements and disaggregated countries. #EY #Australia #Transparency #Tax

Poland: The Ministry of Finance has announced the launch of tax consultations regarding mandatory use of the National e-Invoicing System (KSeF) and changes to the templates of the remitter’s and issuer’s statements (WH-EM/OSC/OSP form). The public consultation to gather feedback on draft legal solutions making the use of KSeF mandatory will end 19 April 2024. #poland #kpmg #KSeF #eInvoicing

🖊New article - Federico Vincenti and Carola Valente of Crowe Valente/Valente Associati GEB Partners discuss the implications of a recent ruling on the inclusion of loss-making companies in transfer pricing benchmarking analyses. They explore how these entities can be used as comparables in compliance with OECD guidelines. Click the following link to read the full article on ITR (International Tax Review). https://lnkd.in/ebiaTFTF #CroweValente #Crowe #PiergiorgioValente #GEBPartners #ValenteAssociatiGEBPartners #ITR

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

The global minimum tax is one of the most consequential developments in international taxation. Check out BDO’s Pillar Two Implementation Tracker, which provides a high-level summary and updates on the adoption of the Pillar Two proposals around the world.

The global minimum tax is one of the most consequential developments in international taxation. Check out BDO’s Pillar Two Implementation Tracker, which provides a high-level summary and updates on the adoption of the Pillar Two proposals around the world.

"#SMEs doing cross-border business within the European #SingleMarket are confronted with #tax compliance costs of up to 2.5% of their turnover. SMEs will not be able to explore the full potential of the #internalmarket as long as Europe does not agree on a solution to reduce #compliance costs significantly", stated SMEunited Economic Policy Director Gerhard Huemer at the conference of #DGTAXUD where the Annual Report on #Taxation has been presented and discussed. ➡ Read more: https://lnkd.in/eTS62neq

Pillar 2 website FPS Finance Belgium has been launched https://lnkd.in/eczSFWnr The EU directive was transposed into national law with the law of 19 December 2023 introducing a minimum tax for multinational companies and large domestic groups (Belgian Official Journal 28/12/2023). This introduced a minimum tax at the Belgian level.