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International tax reform to yield significant revenue: OECD

January 19, TP News. New OECD analysis reveals that revenue from implementation of latest international tax reform measures will be higher than previously expected.

The proposed global minimum tax is expected to result in annual global revenue gains of around USD 220 billion, or nine percent of global corporate income tax revenues. The OECD previously estimated the gains to be approximately USD 150 billion.

Besides, Pillar One, designed to ensure a fairer distribution of taxing rights among jurisdictions over the largest and most profitable multinational enterprises (MNEs) is expected to allocate taxing rights on about USD 200 billion (USD 13-36 billion as per past estimates) in profits to market jurisdictions annually.

The new estimates reflect a significant increase compared to the USD 125 billion of profits in previous estimates. The analysis finds that low and middle-income countries are expected to gain the most as a share of existing corporate income tax revenues.

OECD Secretary-General Mathias Cormann said: “The international community has made significant progress towards the implementation of these reforms, which are designed to make our international tax arrangements fairer and work better in a digitalized, globalized world economy. This new economic impact analysis again underlines the importance of a swift, efficient and widespread implementation of these reforms to ensure these significant potential revenue gains can be realized.”

A full economic impact analysis as well as a detailed methodology report will be released in the coming months.

Source:https://transferpricingnews.com/international-tax-reform-to-yield-significant-revenue-oecd/

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