Asked by: Bob Stewart (Independent - Beckenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of the OECD's global minimum corporation tax proposals on costs for UK businesses.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
The OECD’s Two Pillar Solution to the process of digitalisation represents a major reform of the international tax framework and will help to ensure multinational businesses pay their fair share, with the right companies paying the right amount of tax in the right place.
Both Pillars 1 and 2 will be subject to the standard tax policymaking process, with their impacts formally assessed through the OBR forecast process.