What Global Minimum Tax (Pillar Two) requires
OECD Pillar Two (Global Anti-Base Erosion Rules - GloBE) establishes a global minimum corporate tax rate of 15% for multinational enterprises (MNEs) with annual revenue exceeding €750 million. Finalized in December 2021 and enacted in over 40 jurisdictions as of 2024 (EU Minimum Tax Directive effective January 1, 2024; UK, Japan, South Korea, Switzerland among first adopters), Pillar Two introduces two interlocking domestic rules: the Income Inclusion Rule (IIR) - the parent entity pays top-up tax on low-taxed subsidiaries; and the Undertaxed Profits Rule (UTPR) - a backstop where other group members can collect the top-up tax if the parent jurisdiction does not apply IIR. Non-compliance results in top-up taxes, transfer pricing adjustments, and potential double taxation in multiple jurisdictions.
Pillar: Banking & Global Finance · Authority: Organisation for Economic Co-operation and Development (OECD) · Version: 1.1.0 · Last updated:
Primary source: https://www.oecd.org/tax/beps/pillar-two-model-rules.pdf
SHA-256 integrity: 255779fd687eb8ed01a8d69e6a14fa7b9a3e4af8a42bcaa96e15798a4c104def
Primary Citations — 6 traced to source
- OECD (2021), Tax Challenges Arising from the Digitalisation of the Economy - Global Anti-Base Erosion Model Rules (Pillar Two)
- Council Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union
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