Companies operating in the EU are facing a changing tax landscape in the years ahead, which means they must prepare now to set up systems to report and comply with the new measures.
The European Union is targeting 2023 to implement the OECD’s 15% minimum tax. Companies will have to overhaul the way they collect information internally to be able to accurately calculate their effective tax rate for each jurisdiction. In addition, a public country-by-country reporting requirement and possibly another directive targeting shell companies are looming on the horizon.
Marlies de Ruiter, global international tax policy leader at EY in the Netherlands, talks about what companies need to focus on now to comply with the coming changes, what important additional information on the minimum tax to watch for from the Organization for Economic Cooperation and Development, and why some companies are already choosing to disclose their tax information before it's required.
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