OECD Suggests Adopting Single Filer for Global Minimum Taxes (1)

The OECD advised multinationals and tax administrations to adopt a single-filer approach ahead of the first global minimum tax returns to cut down on compliance costs.

Businesses should streamline their filings in a jurisdiction through a single point of contact, given that the minimum tax relies heavily on group information for the calculation of top-up taxes, the Organization for Economic Cooperation and Development said in a toolkit Thursday.

“This approach reduces duplication, lowers compliance costs, and improves the quality of the information reported,” the organization said.

The Global Minimum Tax Implementation Toolkit lays out guidelines for tax administrations and businesses ...