OECD Global Tax Adopters to Waive Some Late Return Penalties

Countries signed up to the global minimum tax have reached a “common understanding” to use domestic laws to avoid penalizing companies that fail to file some of their tax returns before the June 30 deadline.

The OECD said implementing countries for the 2024 financial year had agreed to “waive penalties” that may apply to local minimum tax information filing regulations and not enforce them before deadlines for information exchange agreements had passed, as part of guidance released Monday.

The filings, called GloBE Information Returns, along with the qualified domestic minimum top-up tax returns for 2024, the first year in ...