Bloomberg Tax
Nov. 22, 2022, 5:27 PM

OECD Tax Muddle Should Prompt Reporting Hiatus, Rulemaker Says

Michael Kapoor
Michael Kapoor
Freelance Correspondent

Companies should be let off reporting future tax liabilities for a period because of the uncertainty created by the implementation of the OECD-led global minimum tax plan, the International Accounting Standards Board said Tuesday.

All 11 members of the board who were present voted to introduce a temporary exemption to IAS 12 Income Taxes, allowing companies to skip a requirement to report on the money they owed in deferred taxes. Last year, 137 countries agreed on a set of rules that establish a 15% global minimum corporate tax. Some countries have indicated they’ll move forward with applying the rules by ...

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