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Plans for a global digital tax for multinationals will come into force in 2024, the Organisation for Economic Co-operation and Development (OECD) has confirmed in a new report.
The report presents a comprehensive draft of the technical model rules to implement a new taxing right that will allow market jurisdictions to tax profits from some of the largest multinational enterprises (pillar one).
An implementation framework is expected to be released for pillar two, which introduces a 15% global minimum corporate tax rate, later in 2022.
The report also gives a tax transparency progress update, with recent OECD data showing that information on at least 111 million financial accounts was exchanged automatically between tax administrations globally in 2021.
The OECD is also consulting until 19 August 2022 on the ‘technical design of amount A’ in a new document Progress report on amount A of pillar one.
