The 8th of October 2021 could be considered a historic day in international taxation as 136 out of 140 member countries of the Inclusive Framework (IF) finalised the Two-Pillar Solution for taxing large multinational enterprises (MNEs) across the world.
Countries that did not sign up to this solution are Kenya, Nigeria, Pakistan, and Sri Lanka. Under the agreed principles countries will be able to tax some profits of MNEs within their market jurisdiction and a minimum tax rate will exist for large MNEs. This article explains the Two-Pillar solution (the Solution) agreed by the IF and why Nigeria was reluctant to sign.
Read our article below for insights on the subject:
Download 8 October 2021-A memorable day for International taxation