Revenue & Tax Proposals FY 2025
The Biden administration has released its 2025 Budget Proposal, outlining the president’s policy priorities and tax proposals in the next fiscal year from Apr 1, 2024, to Mar 31, 2025. U.S. Department of the Treasury also released the “Green book,” as an additional 256 pages for General Explanations providing further detail on the proposals. The proposed budget continues to target taxes for corporations and high-net worth individuals, and in line with Biden’s prior statements, it does not raise taxes for individuals earnings less than $400,000 annually. While the proposals may not gain the necessary support from a Republican-controlled Congress, it is a pivotal time for tax policy, as many provisions
A Cross-Border Tax Odyssey: New Challenges of Pillar Two
Uncover the transformative impact of Pillar Two on international taxation and learn how businesses can adapt to new global minimum tax standards while avoiding the pitfalls of double taxation. For businesses engaged in international operations, the realm of cross-border taxation is undergoing significant changes. New regulations from the Organization for Economic Co-operation and Development (OECD), part of the Base Erosion and Profit Shifting (BEPS) initiative, are set to redefine how multinational enterprises (MNEs) are taxed. A key development is the establishment of a global minimum tax rate of at least 15% under Pillar Two. The primary objective of Pillar Two is to foster a more equitable tax environment while tackling issues of base erosion and