Global minimum top-up tax

The IASB met in early April to discuss the proposed amendments to tax accounting standards relating to Pillar Two. It was agreed to endorse the temporary exception from deferred taxes and revise pre-regime disclosures following the consultation process.

As jurisdictions prepare to amend their local tax laws to introduce the global minimum top-up tax (GloBE), stakeholders are questioning how they will account for those changes under IFRS® Accounting Standards. In particular, they are questioning whether top-up tax is in the scope of IAS 12 Income Taxes and, if so, how to account for its deferred tax impacts. To address these concerns, the International Accounting Standards Board (IASB) is amending IAS 12 to: provide a temporary mandatory...

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Authors: Irina Ipatova

Published Date: 17 April 2023