How does the Pillar 2 top-up taxes registration affect large businesses?
You may be aware that the UK’s BEPS Pillar 2 top-up tax rules come into force for accounting periods beginning on or after 31 December 2023. Pillar 2 aims to ensure that large businesses pay a minimum effective tax rate of 15% within each jurisdiction they operate by imposing ‘Top-Up Taxes’, where that is not the case. These rules apply to multinational enterprises and groups of companies with annual consolidated revenues of €750 million in at least two out of the previous four accounting periods.