The UK intends to evaluate concerns about how the global minimum tax affects competitiveness and whether countries will keep the levy on their books when its reevaluated in 2029.
Tim Power, director for business and international tax at His Majesty’s Treasury, said Monday there was a concern that US multinational companies “will be able to realize significant profits in low-tax jurisdictions without that giving rise to top-up tax.”
It’s a concern, he said, “because it leads to a competitive disparity between locally parented groups and US parented groups that could ultimately threaten the sustainability of the Pillar Two system,” ...