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UK Planning to Publish Minimum Tax Draft Law Wednesday

July 20, 2022, 12:02 PM

The UK is planning to publish on Wednesday a draft law implementing the global minimum tax, according to a source with knowledge of the plans.

In October 2021, more than 137 countries signed up to a two-pillar plan to change how multinational companies are taxed. Pillar Two of this plan would apply a 15% minimum tax rate on large multinationals.

  • The European Union presented a directive for implementing the minimum tax rules—which countries would still then have had to transpose into domestic legislation—in December 2021. However, the directive is stalled as Hungary refuses to endorse it.
  • Czechia, which holds the ...