PwC Webinar - Preparing for the Implementation of Pillar Two
PwC Webinar - Preparing for the Implementation of Pillar Two
If you’re operating across borders, having a robust tax strategy which is aligned with your corporate strategy continues to be a complex area.
If you are either a Middle East based group investing internationally or investing into the region, understanding the impact of tax policy and legislative changes on your operations and your cross-border transactions is more than ever a part of assessing the commercial returns on those investments.
Our International Tax Services practice has dedicated teams based in the Middle East which are closely integrated with our global network.
When could this be relevant for you
- You are undertaking cross-border corporate transactions (acquisitions/disposals/ expansion/reorganisation).
- There is a need to better understand tax implications associated with group companies.
- When managing the repatriation of profits.
- Managing group intellectual property and other intangible assets.
- Understanding the potential impact of the Base Erosion and Profit Shifting initiatives on your operation.
- Implementing your chosen structure.
What we do
- Review and advise on corporate structure and cash repatriation mechanisms.
- Help identify appropriate holding and operating structures that are commercially flexible and tax appropriate when expanding into new territories.
- Assist in managing a group’s global tax profile and obligations associated with your operating model.
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Countdown to Pillar Two
Many jurisdictions will have local legislation enacted and effective for January 1, 2024. While local legislation is still being finalized in many countries (including the Middle East), Pillar Two generally applies to multinational groups with revenue of at least EUR 750m, and requires companies to evaluate their tax expense through a data intensive calculation process — a significant operational challenge that may result in tax expense increases for some companies. In addition, readiness for the increased tax compliance complexity is top of mind for many companies and proper preparation can ease the burden.
Kuwait joins the Inclusive Framework on BEPS and participates
On 15 November 2023, the OECD announced that Kuwait joined the OECD/G20 Inclusive Framework on BEPS, an international collaboration with 145 member countries.
BEPS 2.0 - Pillar One and Pillar Two: A Middle East perspective
After announcing the 15 Action Plans in the OECD BEPS Package to deal with various measures tackling profit shifting and tax avoidance, the OECD and the G20 Inclusive Framework continued directing their efforts to address the tax challenges arising from digitalization. This OECD initiative is referred to as the BEPS 2.0.
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