TECHNICAL ROUND UP – IASB RELEASES FORMAL PROPOSALS TO SUSPEND INCOME TAX REPORTING STANDARD BECAUSE OF BEPS
January 22nd, 2023
The International Accounting Standards Board (IASB) has formally proposed amendments to IAS 12 Income Taxes to take account of ‘Pillar 2’ of the OECD’s BEPS tax model, suspending rules on accounting for deferred taxes, while its implications are assessed. The IASB has acted because the European Union (EU) in December agreed a directive to make Pillar 2 compulsory in the EU – telling multinationals (and large domestic companies) to pay 15% minimum tax rates in member states where they trade. The reason for the suspension is that complex tax adjustments may ...
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