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UK to Issue Draft Legislation on the Minimum Tax in July

June 28, 2022, 4:23 PM

The UK is planning to release a draft minimum tax law in July for public consultation, following in the footsteps of the EU, which released a draft in December.

In October, more than 130 countries signed up to a two-pillar plan to change how multinationals are taxed. Pillar One reallocates a portion of the profits of the largest, most profitable businesses in the world to countries where they make sales, while Pillar Two creates a global minimum tax.

  • The UK will release its model rules during a “legislation day” ahead of the parliamentary recess on July 21, according to a ...