The OECD\u2019s two pillar solution to the tax challenges resulting from digitalisation represents a major reform of the international tax framework and will help to ensure multinational businesses pay their fair share, with the right companies paying the right amount of tax in the right place.<\/p>
<\/p>
On 20 July 2022, the Government published a response to the consultation on the implementation of Pillar 2 in the UK. The response can be found here: https://www.gov.uk/government/consultations/oecd-pillar-2-consultation-on-implementation<\/a>. Draft legislation was also published, and the Government welcomes further consultation on this. The draft legislation can be found here: https://www.gov.uk/government/publications/introduction-of-the-new-multinational-top-up-tax<\/a>.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4517", "label" : {"_value" : "Biography information for Lucy Frazer"}
}
, "answeringMemberConstituency" : {"_value" : "South East Cambridgeshire"}
, "answeringMemberPrinted" : {"_value" : "Lucy Frazer"}
, "dateOfAnswer" : {"_value" : "2022-07-21", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-07-21T13:03:02.467Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-07-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Corporation Tax"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what steps his Department has taken in response to the closure of the consultation on implementation of OECD Pillar 2.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4518", "label" : {"_value" : "Biography information for Tulip Siddiq"}
}
, "tablingMemberConstituency" : {"_value" : "Hampstead and Kilburn"}
, "tablingMemberPrinted" : [{"_value" : "Tulip Siddiq"}
], "uin" : "38739"}
, {"_about" : "http://data.parliament.uk/resources/1487651", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1487651/answer", "answerText" : {"_value" : " Any future changes to the rate of Corporation Tax that is currently legislated for will be set out to Parliament in the usual way.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4517", "label" : {"_value" : "Biography information for Lucy Frazer"}
}
, "answeringMemberConstituency" : {"_value" : "South East Cambridgeshire"}
, "answeringMemberPrinted" : {"_value" : "Lucy Frazer"}
, "dateOfAnswer" : {"_value" : "2022-07-18", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-07-18T11:28:12.863Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-07-08", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Corporation Tax"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, whether it is his policy to reduce corporation tax.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4799", "label" : {"_value" : "Biography information for Charlotte Nichols"}
}
, "tablingMemberConstituency" : {"_value" : "Warrington North"}
, "tablingMemberPrinted" : [{"_value" : "Charlotte Nichols"}
], "uin" : "33027"}
, {"_about" : "http://data.parliament.uk/resources/1485179", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1485179/answer", "answerText" : {"_value" : " The OECD\u2019s Two Pillar Solution to the process of digitalisation represents a major reform of the international tax framework and will help to ensure multinational businesses pay their fair share, with the right companies paying the right amount of tax in the right place.<\/p> <\/p> Both Pillars 1 and 2 will be subject to the standard tax policymaking process, with their impacts formally assessed through the OBR forecast process.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4517", "label" : {"_value" : "Biography information for Lucy Frazer"}
}
, "answeringMemberConstituency" : {"_value" : "South East Cambridgeshire"}
, "answeringMemberPrinted" : {"_value" : "Lucy Frazer"}
, "dateOfAnswer" : {"_value" : "2022-07-07", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-07-07T11:14:05.837Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-06-30", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Corporation Tax"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of the OECD's global minimum corporation tax proposals on costs for UK businesses.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3919", "label" : {"_value" : "Biography information for Bob Stewart"}
}
, "tablingMemberConstituency" : {"_value" : "Beckenham"}
, "tablingMemberPrinted" : [{"_value" : "Bob Stewart"}
], "uin" : "28409"}
, {"_about" : "http://data.parliament.uk/resources/1458568", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1458568/answer", "answerText" : {"_value" : " The UK have been active participants throughout the process to introduce a global minimum corporate tax, with the Chancellor playing a leading role in securing G7 commitment to a global minimum tax rate of 15 per cent in June 2021, setting a foundation for the wider agreement reached by over 130 members of the OECD Inclusive Framework in October 2021.<\/p> <\/p> As part of the normal policy making process, the Chancellor maintains strong and ongoing working relationships with both HM Treasury officials and Cabinet colleagues alike on the policy direction and the current status of the global minimum tax.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4517", "label" : {"_value" : "Biography information for Lucy Frazer"}
}
, "answeringMemberConstituency" : {"_value" : "South East Cambridgeshire"}
, "answeringMemberPrinted" : {"_value" : "Lucy Frazer"}
, "dateOfAnswer" : {"_value" : "2022-04-25", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-04-25T16:42:17.347Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-04-19", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Corporation Tax"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, whether he has held discussions with (a) officials in his Department, (b) Cabinet colleagues and (c) relevant stakeholders on the global minimum corporate tax system since his appointment as Chancellor of the Exchequer.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4820", "label" : {"_value" : "Biography information for Abena Oppong-Asare"}
}
, "tablingMemberConstituency" : {"_value" : "Erith and Thamesmead"}
, "tablingMemberPrinted" : [{"_value" : "Abena Oppong-Asare"}
], "uin" : "155943"}
, {"_about" : "http://data.parliament.uk/resources/1457286", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1457286/answer", "answerText" : {"_value" : " The Government is delighted that more than 130 countries reached agreement on a Two-Pillar solution to the tax challenges arising from the digitalisation of the economy, on the 8 October 2021.<\/p> <\/p> As outlined in the October 2021 Statement, the OECD will seek to develop an implementation framework by the end of 2022 which will be designed to facilitate the co-ordinated implementation and administration of the GloBE Rules.<\/p> <\/p> Discussions on the implementation framework are ongoing and public input was recently sought on the issues that should be addressed as part of this work, including the question of whether mechanisms are needed to avoid the risk of double taxation: https://www.gov.uk/government/consultations/oecd-pillar-2-consultation-on-implementation<\/a>.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4517", "label" : {"_value" : "Biography information for Lucy Frazer"}
}
, "answeringMemberConstituency" : {"_value" : "South East Cambridgeshire"}
, "answeringMemberPrinted" : {"_value" : "Lucy Frazer"}
, "dateOfAnswer" : {"_value" : "2022-04-26", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-04-26T15:33:18.553Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-04-14", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Corporation Tax"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, whether a disputes resolution mechanism agreed as part of the Organisation for Economic Cooperation and Development\u2019s BEPS 2.0 Pillar 2 proposals would be binding upon UK courts.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1447", "label" : {"_value" : "Biography information for Andrew Rosindell"}
}
, "tablingMemberConstituency" : {"_value" : "Romford"}
, "tablingMemberPrinted" : [{"_value" : "Andrew Rosindell"}
], "uin" : "153791"}
, {"_about" : "http://data.parliament.uk/resources/1441432", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1441432/answer", "answerText" : {"_value" : " The Government does not typically provide assessments of changes to ring fence Corporation Tax and does not propose doing so in this case.<\/p> <\/p> The Government places additional taxes on the extraction of oil and gas, with companies engaged in the production of oil and gas on the UK Continental Shelf subject to headline tax rates on their profits that are currently more than double those paid by other businesses. To date, the sector has paid more than £375 billion in production taxes.<\/p> <\/p> The Government keeps all taxes under review, and any changes are considered and announced by the Chancellor.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4517", "label" : {"_value" : "Biography information for Lucy Frazer"}
}
, "answeringMemberConstituency" : {"_value" : "South East Cambridgeshire"}
, "answeringMemberPrinted" : {"_value" : "Lucy Frazer"}
, "dateOfAnswer" : {"_value" : "2022-03-21", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-03-21T16:37:54.69Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-03-15", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Corporation Tax"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what his Department\u2019s ready reckoner estimate is of the effects on tax receipts of a one percentage point increase in the rate of ring fence corporation tax in financial years (a) 2022-23, (b) 2023-24 and (c) 2024-25; and if he will place a copy of those estimates in the Library.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4623", "label" : {"_value" : "Biography information for Tonia Antoniazzi"}
}
, "tablingMemberConstituency" : {"_value" : "Gower"}
, "tablingMemberPrinted" : [{"_value" : "Tonia Antoniazzi"}
], "uin" : "140537"}
, {"_about" : "http://data.parliament.uk/resources/1434253", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1434253/answer", "answerText" : {"_value" : " The Government is glad that on 8 October 2021 more than 130 countries reached agreement on a Two-Pillar Solution to the tax challenges arising from the digitalisation of the economy.<\/p> <\/p> As per the detailed implementation plan set out in the October 2021 statement, the aim is that both Pillar 1 and Pillar 2 will be implemented and effective by 2023. However, we cannot comment on the Organisation for Economic Co-operation and Development\u2019s funding requirements in this respect.<\/p> <\/p> As part of the implementation process, both Pillars will be subject to the standard tax policymaking process, with their impacts formally assessed through the Office for Budget Responsibility\u2019s forecast process.<\/p> <\/p> Monitoring and compliance will be handled by HMRC, utilising their departmental budget allocated as part of the Spending Review 2021.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4517", "label" : {"_value" : "Biography information for Lucy Frazer"}
}
, "answeringMemberConstituency" : {"_value" : "South East Cambridgeshire"}
, "answeringMemberPrinted" : {"_value" : "Lucy Frazer"}
, "dateOfAnswer" : {"_value" : "2022-03-02", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "127322"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-03-02T12:07:22.353Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-02-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Corporation Tax"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, if he will confirm that Pillar 2 of the OECD Framework on Base Erosion and Profit Shifting will not become operational in the UK in the event that international agreement is not reached on implementing Pillar 1.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1447", "label" : {"_value" : "Biography information for Andrew Rosindell"}
}
, "tablingMemberConstituency" : {"_value" : "Romford"}
, "tablingMemberPrinted" : [{"_value" : "Andrew Rosindell"}
], "uin" : "127321"}
, {"_about" : "http://data.parliament.uk/resources/1434254", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1434254/answer", "answerText" : {"_value" : " The Government is glad that on 8 October 2021 more than 130 countries reached agreement on a Two-Pillar Solution to the tax challenges arising from the digitalisation of the economy.<\/p> <\/p> As per the detailed implementation plan set out in the October 2021 statement, the aim is that both Pillar 1 and Pillar 2 will be implemented and effective by 2023. However, we cannot comment on the Organisation for Economic Co-operation and Development\u2019s funding requirements in this respect.<\/p> <\/p> As part of the implementation process, both Pillars will be subject to the standard tax policymaking process, with their impacts formally assessed through the Office for Budget Responsibility\u2019s forecast process.<\/p> <\/p> Monitoring and compliance will be handled by HMRC, utilising their departmental budget allocated as part of the Spending Review 2021.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4517", "label" : {"_value" : "Biography information for Lucy Frazer"}
}
, "answeringMemberConstituency" : {"_value" : "South East Cambridgeshire"}
, "answeringMemberPrinted" : {"_value" : "Lucy Frazer"}
, "dateOfAnswer" : {"_value" : "2022-03-02", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "127321"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-03-02T12:07:22.4Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-02-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Corporation Tax"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what additional funding will be required by (a) his Department and (b) the OECD to ensure monitoring and compliance with the proposed Pillar 2 rules of BEPS 2.0.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1447", "label" : {"_value" : "Biography information for Andrew Rosindell"}
}
, "tablingMemberConstituency" : {"_value" : "Romford"}
, "tablingMemberPrinted" : [{"_value" : "Andrew Rosindell"}
], "uin" : "127322"}
, {"_about" : "http://data.parliament.uk/resources/1384296", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1384296/answer", "answerText" : {"_value" : " The government is delighted that a final political agreement has been reached on the framework for a two-pillar solution.<\/p> <\/p>