OECD

[This is a guest post by Ed McClellan and Thomas Reilly that was originally published on June 2, 2021, in Covington’s Global Policy Watch Blog.]

 In mid-May, the Biden Administration officially threw its support behind a minimum global corporate income tax rate of at least 15%.  The U.S. proposal would be limited to the world’s 100 largest companies – those with revenues of over $20 billion.  The proposal would not depend on the company’s nationality (the U.S. has made clear that it would not support any proposals that discriminate against U.S. multinationals) and, since it would apply to digital services companies as well as to those selling tangible goods, would not be specific to any one sector.
Continue Reading A Proposed Global Minimum Corporate Income Tax Rate

With retroactive effect, EU Council Directive DAC 6 is now largely inapplicable in the United Kingdom.  DAC 6, which came into force on June 25, 2018, requires certain intermediaries (including those who provide legal, tax, or consultancy services) or taxpayers to disclose information related to cross-border tax planning.  Our prior coverage of DAC 6 may be found here.
Continue Reading Citing Brexit, UK Retroactively Curtails DAC 6 Reporting Requirements