2022-08-09-KPMG_China-基于税基侵蚀和利润转移（BEPS_2.0）的全球最低税负制_3页_73kb

Summary

Key Changes Under GloBE

The report discusses the global minimum top-up tax under BEPS 2.0, known as GloBE, which involves 135 jurisdictions agreeing to a 15% minimum tax rate to address uneven profit distribution and digital economy challenges. Countries plan to implement this using the OECD's framework, potentially imposing a top-up tax on multinational groups.

Disclosure Requirements

Companies should consider providing qualitative disclosures in their 2022 interim and annual financial statements due to investor demand for insights on potential impacts. While IFRS does not mandate disclosure of unannounced tax law changes, paragraph 17(c) of IAS 1 may require additional disclosures to help users understand effects, especially since quantification is uncertain.

Investor Concerns

Investors expect companies to assess and disclose how the new tax rules may affect them before tax laws are finalized. The focus is on transparency to inform financial statement users.

Actions for Management

Management should urgently determine if their group is at risk, evaluate operations in low-tax or incentivized jurisdictions, consult tax specialists, monitor GloBE implementation progress, and engage with stakeholders to decide appropriate disclosure levels.

Financial Reporting Implications

Accounting under IAS 12 Income Taxes presents challenges for top-up tax application. Qualitative disclosures are emphasized over quantitative ones due to present uncertainty in impact estimation.