The DIFC Academy is proud to collaborate with PwC for a workshop on Pillar Two, the new Global Minimum Tax Framework.
In 2021, the Organisation for Economic Cooperation and Development (OECD) Inclusive Framework (IF) issued a ‘Statement’ focused on addressing the remaining key challenges of base erosion and profit shifting (BEPS) arising from the digitalisation of the global economy.
The Statement proposed a Two-Pillar Solution, comprised of (i) Pillar One which aims to ensure a fairer distribution of taxing rights is established with respect to the profits of large multinational enterprises (MNEs), and (ii) Pillar Two which implements a new global minimum Effective Tax Rate (ETR) of 15% for certain MNEs.
Pillar Two came into force on 1 January 2024 and over 35 countries have implemented the rules to date, with others in the process of doing so.
Within the Middle East, Bahrain, Egypt, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates are all members of the IF and expected to adopt the Pillar Two rules in line with the consensus on the Two-Pillar Statement.
The UAE's recent amendments to the Federal Corporate Law to introduce a definition for Top-up Tax and MNEs paves the way for the UAE to implement the Pillar Two rules, noting that the UAE's Ministry of Finance has indicated that the UAE is looking to implement Pillar Two measures in 2025.
Join us on 12 June 2024 for an interactive workshop where experts from PwC and PwC's Academy will talk about Pillar Two in detail, what it entails, its impact and how to prepare for it.
Speakers
Ali is a finance and tax expert. Ali is a Senior Manager and head of tax training at PwC Middle East. He specialises in Taxation and Financial Reporting (IFRS) with special focus on GCC Direct and Indirect Tax landscape.He holds over 11 years of experience in designing and delivering trainings and consultations for clients. Ali has successfully delivered programmes for several high profile clients and tax authorities in the region Ali has extensive experience of working with Tax advisory, Tax policy and Tax implementation teams. Ali is a member of ACCA (UK) and an alumni of Harvard University’s Kennedy School of government (US).
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Chris is a Director in the PwC Middle East International Tax Services and M&A Tax practice. Chris has over fourteen years of experience working with PwC and in industry across the UK & Middle East.
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He started his career with Barclays Bank in London and has maintained his focus on banking and asset management ever since.
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Chris advises on a range of domestic, international tax and M&A tax matters, bringing a combination of deep international tax experience combined with a Pillar Two subject matter expertise.
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He is a member of the Middle East Pillar Two focus team and works with a range of clients to understand the potential impact of Pillar Two and to prepare for the implementation of the rules.
