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Written question asked by Priti Patel (Conservative) on Monday, 23 January 2023, in the House of Commons. It was due for an answer on Wednesday, 25 January 2023. It was answered by Victoria Atkins (Conservative) on Tuesday, 31 January 2023 on behalf of the Treasury.

Corporation Tax

Question

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.

Answer

At Autumn Statement 2022, the Government set out that Pillar 2 will raise £2.3 billion a year by 2027-28.

An estimate of HMRC operational costs to implement Pillar 2 was published in a tax information and impact note in July 2022. This can be accessed on GOV.UK at

https://www.gov.uk/government/publications/introduction-of-the-new-multinational-top-up-tax/multinational-top-up-tax-uk-adoption-of-organisation-for-economic-co-operation-and-development-pillar-2

The Government will publish an updated tax information and impact note at the Spring Budget.

Secondary information

Type
Written question
Reference
129817
Session
2022-23
Subjects
Corporation tax Finance Organisation for Economic Co-operation and Development Treasury
Contains statistics
Yes
Link
View this Written question on www.parliament.uk