Global Tax Initiatives – A Bermuda Perspective

With governments' financial resources under increasing strain, Bermuda counsel Ashley Fife explores how this is impacting developments in international taxation and identifies those most pertinent to the global private wealth sector.

OECD'S MINIMUM GLOBAL CORPORATE TAX

The most significant recent development in the arena of taxation internationally must be the Organisation for Economic Co-operation & Development's (the OECD) members' agreement in late 2021, to ensure that multinational enterprises (MNEs) with global revenue above EUR 750 million will be subject to a 15% tax rate. The regime has been developed following years of intensive negotiation aimed at combatting tax avoidance in a digitalised and globalised world. The OECD's aim is for its members to sign a multilateral agreement during 2022 providing for effective implementation of the regime in 2023.