What are the latest international tax compliance standards for?.

International tax compliance standards for 2024 focus on transparency and cooperation among countries to combat tax evasion. Key updates include the OECD's framework on Base Erosion and Profit Shifting (BEPS) and the implementation of the Global Anti-Base Erosion Model Rules (GloBE). Countries are enhancing their reporting requirements, emphasizing digital economy taxation, and tightening regulations to improve compliance and reduce avoidance.

Key Facts

• The OECD's BEPS 2.0 project aims for global minimum tax rates.
• Over 140 countries are collaborating on tax transparency initiatives.
• Digital services taxes are being adopted in various jurisdictions.
• Enhanced reporting requirements for multinational corporations are expected to increase.

Examples or Use Cases

• Countries like the UK and France are implementing digital services taxes, affecting tech giants.
• Many jurisdictions are working to adopt the GloBE framework to align with international standards.

FAQs

• What is BEPS? Base Erosion and Profit Shifting refers to strategies by multinational companies to shift profits from high-tax jurisdictions to low or no-tax jurisdictions.
• How does GloBE work? GloBE sets a minimum effective tax rate for corporations to ensure fair taxation and limit profit shifting.