Section 112020 of the “One Big Beautiful Bill Act” (OBBBA), House version, would expand the reach of the IRC § 4960 excise tax on compensation in excess of $1 million (equal to 21%, the...
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In the last few years, the Organisation for Economic Co-operation and Development (OECD) has discussed a more permanent and effective plan to change tax rules for large companies and limit tax avoidance planning by multinationals, adopting a two-pillar solution. Pillar 1 is focused on changing where companies pay taxes. Pillar 2 would establish a global minimum tax. It’s likely that more countries will adopt Pillar 2 in 2023, requiring those with global revenue above $797 million (€750 million) to pay a minimum 15% tax in each country where they operate.
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