Asia Leaps Ahead on Adopting OECD Global Minimum Tax Rules
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Asia Leaps Ahead on Adopting OECD Global Minimum Tax Rules
South Korea became the first country to implement domestic legislation adopting the Pillar Two global anti-base-erosion rules, also known as GLOBE, in its amended Law for the Coordination of International Tax Affairs. Japan's ruling coalition submitted draft legislation for a new IIR to the Diet, which would take effect for fiscal years starting on or after April 1, 2024; the legislation package focuses on the IIR and GLOBE information return but doesn't provide a timeline for adopting a UTPR or QDMTT.
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