With a new divided Congress on Capitol Hill, tax legislation appears to be less of a focus than it was in late 2022 when Congress passed and the President signed into law the “Inflation Reduction Act,” which contained a number of important and complex tax changes affecting corporations and individuals, including a new 15% minimum tax on book income, a particularly important development given its similarity in name, but not operation, with separate work at the OECD to create a global minimum tax (Pillar Two) and to address the increasing digitization of the economy (Pillar One). However, many other tax policy proposals, like the new Section 174 R&D rules, were not addressed in a post-election Lame Duck session at the end of the year, and it is expected those, and other tax items will be vying for attention this year. This page is designed to help you keep abreast of legislation and understand its impact through insights from trusted Deloitte tax specialists.
Check back often for updates on the tax policy debate.
From policy to practice
OECD Pillar Two introduces broad changes to how global businesses are taxed - and in turn, their tax data requirements, calculation, and reporting demands. We can help you identify and assess the impact of this complex new legislation in multiple countries.
OECD Pillar Two model rules are designed to ensure that large multinational enterprises pay a minimum level of tax on income arising in every jurisdiction they operate in. These rules are ambitious in scope and reach, designed to accommodate diverse international tax systems, tax consolidation rules, income allocations, entity classification rules, and business structures.
Connect with us to learn more about tax legislation