Further to our alert on 20 December, we are pleased to attach our detailed analysis of the Global Minimum Tax (GLoBE) rules. This analysis is focused on a global view, with analysis and commentary on each chapter of the release. In addition, Page 11 outlines the top 10 actions for CFOs and Heads of Tax to consider. These actions are particularly important for groups with operations in the Middle East given the number of companies in the region that continue to enjoy low or nil effective tax rates.

Whilst more work remains to be done in 2022, it is clear that the implementation date of 2023 remains unchanged. Although the OECD is proposing these rules apply to multinationals with revenues in excess of 750 million euros, countries in the Middle East may implement these rules on a different basis (as countries are allowed to deviate from the proposed threshold).

We will provide further details of the analysis and what they mean for groups with global and local operations during our webinars in January. You can register for our global webinar (on 11 January 2022), by clicking here and our regional webinar (on 19 January 2022), by clicking here.

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