Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

OECD Tax Muddle Should Prompt Reporting Hiatus, Rulemaker Says

Nov. 22, 2022, 5:27 PM

Companies should be let off reporting future tax liabilities for a period because of the uncertainty created by the implementation of the OECD-led global minimum tax plan, the International Accounting Standards Board said Tuesday.

All 11 members of the board who were present voted to introduce a temporary exemption to IAS 12 Income Taxes, allowing companies to skip a requirement to report on the money they owed in deferred taxes. Last year, 137 countries agreed on a set of rules that establish a 15% global minimum corporate tax. Some countries have indicated they’ll move forward with applying the rules by ...