New Zealand Launches Global Minimum Tax Consultation

New Zealand’s tax office has launched a consultation into implementing a 15% minimum corporate tax rate.

More than 130 countries in October signed up to a two-pillar plan to overhaul how multinational enterprises are taxed. Pillar Two of this plan creates a minimum 15% rate for large businesses.

• The consultation, which closes July 1, asks stakeholders whether or not New Zealand should adopt the global minimum tax rules.
• “The GloBE rules will only work as intended if they are adopted by a critical mass of countries. A critical mass would be sufficient to ensure that MNEs generally ...