Global minimum tax rate and Liabilities: Difference between pages

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imported>Doug Williamson
(Create page. Source: Journal of Accountancy https://www.journalofaccountancy.com/news/2021/jun/what-is-global-minimum-tax-g7.html)
 
imported>Doug Williamson
(Update link.)
 
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''Tax - profit shifting.''
1.  


(GMT).
''Financial reporting''.  


The concept of a global minimum corporation tax rate is to reduce, or eliminate, the benefits to multinational corporations of profit shifting.
Amounts or obligations of a reporting entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, the provision of services or other yielding of economic benefits in the future.




:<span style="color:#4B0082">'''''Global minimum tax'''''</span>
2.


:"Finance Ministers from the Group of Seven (G7) rich nations reached a landmark accord... backing the creation of a global minimum corporate tax rate of at least 15%, an agreement that could then form the basis of a worldwide deal...
More generally, obligations or amounts owed to others (whether or not they are obligations of a financial reporting entity).
 
:The global minimum tax rate would apply to overseas profits. Governments could still set whatever local corporate tax rate they want, but if companies pay lower rates in a particular country, their home governments could “top-up” their taxes to the minimum rate, eliminating the advantage of shifting profits.
 
:The OECD said last month that governments broadly agreed on the basic design of the minimum tax but not the rate. Tax experts say that is the thorniest issue, although the G7 accord creates strong momentum around the 15%-plus level."
 
 
:''The Journal of Accountancy, June 2021.''




== See also ==
== See also ==
 
* [[Assets]]
* [[Base erosion and profit shifting]]
* [[Balance sheet]]
* [[Corporation Tax]]
* [[Capital]]
* [[G7]]
* [[Compound instrument]]
* [[Multinational corporation/company]]
* [[Credit balance]]
* [[Organisation for Economic Co-operation and Development]] (OECD)
* [[Disaggregation]]
* [[Profit shifting]]
* [[Exemption clause]]
* [[Tax avoidance]]
* [[Fair value]]
* [[Tax evasion]]
* [[Financial liability]]
* [[Tax rate]]
* [[Indemnity clause]]
* [[Transfer pricing]]
* [[Interest gap]]
 
* [[Mismatch]]
[[Category:Accounting,_tax_and_regulation]]
* [[Net assets]]
[[Category:The_business_context]]
* [[Off-balance sheet finance]]
* [[Offset]]
* [[Provision]]

Revision as of 20:48, 23 July 2016

1.

Financial reporting.

Amounts or obligations of a reporting entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, the provision of services or other yielding of economic benefits in the future.


2.

More generally, obligations or amounts owed to others (whether or not they are obligations of a financial reporting entity).


See also

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