There will be new rules for international taxation
On 1 July 2021 Poland signed a statement in which it agreed to develop new rules for international taxation for the largest companies.
– This is the result of over two years of work under the BEPS 2.0 project, initiated by OECD. Apart from Poland, the document was signed by 130 countries. The work was divided into two pillars. The first is to cover taxation of the largest international corporations, which get the greatest benefits from globalisation and rapidly advancing digitalisation. Companies are to be classified on the basis of revenue and profitability. The revenue threshold is to be EUR 20 billion and profitability is to be set at 10%. International companies that meet these criteria will have to partially reallocate their residual profit, i.e. the so-called excess profit, to countries where they sell goods or provide services – explains Łukasz Kupryjańczyk, tax advisor, partner at Thedy & Partners.
And what about the second pillar?
– This one provides for a minimum tax and the fight against countries considered to be tax havens. The minimum tax will be 15% of the effective rate and will apply to companies with global revenues of at least EUR 750 million. The idea is that international companies taxed in a given country below the minimum effective tax rate (i.e. at least 15%) will be subject to an additional compensatory tax – points out Łukasz Kupryjańczyk.
The July statement is just the beginning of further talks and works. Poland announced its active participation in the process.