What are the key changes in global taxation for 2024?.

In 2024, global taxation faces key changes influenced by international agreements and national policies. Countries are focusing on implementing the OECD's Pillar Two framework, which introduces a global minimum tax rate of 15% to combat tax base erosion. Additionally, many nations are revising digital tax laws to ensure fair taxation of multinational tech companies. Compliance requirements are becoming stricter, with increased transparency measures for tax reporting.

Key Facts

• The OECD's Pillar Two framework aims for a global minimum tax by 2024.
• Over 140 countries have committed to adopting these tax changes.
• Enhanced digital taxation is being pushed to capture revenues from tech giants.
• Increased scrutiny on tax compliance is expected in various jurisdictions.

Examples or Use Cases

Countries like France and Germany are leading the way in adapting their tax codes to align with new international standards. Digital service taxes are being rolled out in many regions to address the challenges posed by the digital economy.

FAQs

What is the OECD's Pillar Two? It is an international agreement aimed at establishing a minimum corporate tax rate globally.

How will these changes affect individuals? While primarily targeting corporations, individuals may see indirect effects through changes in services or investment flows.