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All UAE businesses can get computerised financial accounting and bookkeeping services from UBL Accounting. The group is By utilising our professionals, you can gain access to a group of certified accountants who are attempting to comprehend your company in order to supply expert assistance, which can aid your corporation manage many dangers, and keep on top of regulatory changes. We understand that access to current and accurate financial data is essential to keeping businesses competitive in today's dynamic business environment. We can assist your organisations in adhering to international ac
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What is the Global OECD tax deal? accounting and auditing uae The Organization for Economic Cooperation and Development (OECD) announced a significant change in the global tax system on October 8, 2021. The agreement, mediated by the OECD and backed by 136 nations and jurisdictions, aims to guarantee that the largest multinational corporations pay a fair rate of tax regardless of where they conduct business or earn income. The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting reached a compromise after extensive discussions to address the tax issues that are emerging in a more digitized global economy. It consists of two pillars. The first pillar, which deals with redistributing taxing rights, covers the changing nature of business and how corporations might operate in places without a physical presence. First pillar The first pillar deals with the taxing rights of more than 125 billion USD made by 100 of the biggest and most successful MNEs in the world. Any MNEs with global sales over EUR 20 billion and profitability over 10% are included in this. It will transfer the taxing authority over this income from these MNEs' home nations to the markets where they operate and make money. With the expectation that income increases for poor countries will be bigger than those of more established economies, it is believed that this will lead to a more equitable distribution of taxation rights. Column two A global minimum corporation tax rate of 15% will be established under Pillar 2 and will be applied to all businesses with combined financial revenues of more than EUR 750.