Pillar Two Will Create Serious Business Burden, Say UK Companies

The global minimum corporate tax deal will create a considerable administrative burden for large UK businesses, according to a survey by His Majesty’s Revenue and Customs.

Significant work will be required of businesses to understand the legislation, demonstrate that they are not required to make top-up tax payments, and meet annual reporting requirements under the global tax deal, known as Pillar Two. Almost 600 tax directors at the UK’s biggest companies were surveyed for the Large Business Survey 2023, published Tuesday.

• Two thirds of all businesses surveyed said they expected to be in scope of Pillar Two, irrespective of ...