UK Minimum Tax Substantially Enacted for Accounting, Says HMRC

The UK has substantially enacted the global minimum tax for accounting purposes, according to a tax office official speaking at the Oxford Center for Business Taxation on Friday.

Michael Hashemi, international tax specialist at His Majesty’s Revenue and Customs, said that the rules are now in place for accounting purposes in the UK since the minimum tax legislation received approval from the House of Commons in June. Legislation has now moved to the House of Lords to be processed. As a result, companies must now begin disclosing the Pillar Two’s minimum tax impact in their annual financial reports.

HMRC’s compliance ...