Requiring large multinational corporations to report income everywhere they operate is essential to a global deal on minimum corporate income tax, according to Kimberly Clausing, a UCLA law professor who recently served as the U.S. Deputy Assistant Treasury Secretary for tax analysis. Clausing said the country-by-country reporting provision is a “core principle” of Pillar Two, one of two main elements of an agreement brokered by the Paris-based Organization for Economic Cooperation and Development to overhaul corporate taxation worldwide. Pillar Two would require multinationals with more than $786 million in annual revenue to pay a tax rate of at least 15% on a country-by-country basis. Call or visit our website for more information! www.mjscpa.com/
