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OECD Pillar 2 – Global Minimum Tax: What Action Should You Take?

Menzies

Menzies LLP - A leading chartered accountancy firm. G20 and 136 OECD Members have agreed to reform global tax by establishing a 15% global minimum tax rate. The effective tax rate is calculated by a series of calculations for each of the relevant entities and permanent establishments.

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Are you impacted by Pillar 2 and what should you do?

Menzies

Menzies LLP - A leading chartered accountancy firm. REPORTING TAX PAYMENTS IMPACT Even for groups without an additional top-up tax liability, there will be a requirement to submit a Pillar 2 Return to HMRC (if they are the reporting entity) or notify the entity and jurisdiction responsible for filing the return.

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MANUFACTURING SECTOR CHALLENGES

Menzies

Menzies LLP - A leading chartered accountancy firm. Manufacturers are leading the way with investment in R&D and opportunities exist to utilise tax incentives, such as R&D tax relief and the Patent Box regime.

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Friday Footnotes: EY Can’t Hire Tech; John Doe Sues the PCAOB; Auditors Can’t Find Torpedoes and Missiles | 1.20.03

Going Concern

Some are appointing “ESG controllers” with accounting backgrounds to impose the kinds of internal systems used to produce financial statements. NJ Accountant Pleads Guilty in $1.3 Billion Green Tax Fraud Case [ Bloomberg ] A New Jersey accountant pleaded guilty to participating in a scheme to sell $1.3

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Friday Footnotes: How to Add ChatGPT to Excel; RSM Wins Awards; Auditor Independence Pitfalls | 4.7.23

Going Concern

The alliance is part of PwC UK’s technology-driven strategic plan to reframe the way traditional tax, legal and people services are delivered. ’s accounts drew scrutiny from regulators, the firm’s plan to secure a U.K. Last month, audit firm BDO issued a so-called qualified opinion for Revolut’s 2021 accounts.

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Friday Footnotes: For the Last Time, Salaries Are Too Low; NOCLAR Is Back; Big 4 Beat Up Again | 3.1.24

Going Concern

pic.twitter.com/FQcm4AXSdg — Barbara Pocock (@BarbaraPocock) February 27, 2024 Chartered Accountants mistakenly let ex-PwC partner avoid investigation [ Financial Review ] Speaking of Peter Collins, AFR is still on the beat like a tick on a dog’s ass. Regulator Says [ Wall Street Journal ] Several U.S.

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IFRS vs UK GAAP

Menzies

Menzies LLP - A leading chartered accountancy firm. Which accounting standard should you use? When preparing a set of financial statements in the UK there is a choice of accounting standard to apply in order to comply with UK Companies Act 2006. Deferred tax – temporary not timing.