Statutory corporate tax rates are stabilizing worldwide after a lengthy period of falling rates, according to new OECD data.

The 2024 edition of OECD Corporate Tax Statistics shows that average statutory corporate income tax rates have remained steady at 21.1 percent over the past three years. This follows a two-decade period that saw average statutory corporate income tax rates decline from 28 percent in 2000 to 21.1 percent in 2021.

Anticipation of the new global minimum tax, agreed by more than 140 members of the Inclusive Framework on BEPS, may have contributed to the recent stabilization, according to the report.
The latest edition of Corporate Tax Statistics also points to a stabilization of certain tax incentives designed to attract mobile intangible assets and their related income.

UK Government has published guidance on preparing for the two new taxes introduced in the UK as part of the international response to the challenges of digitalization.

The government had announced two new taxes as part of the UK adoption of the OECD Pillar Two rules: the Multinational Top-up Tax (MTT); and the Domestic Top-up Tax (DTT). These will apply to accounting periods that begin on or after December 31, 2023.

MTT will require all groups with both UK and non-UK entities and sufficient consolidated revenue to register with the tax authority. A charge may arise on UK parent members within such a group, where a UK parent member has an interest in an entity in a non-UK jurisdiction, and the group’s profits arising in that jurisdiction are taxed below the minimum rate of 15 percent.

DTT will require all groups with UK entities and sufficient consolidated revenue to register with the tax authority. A charge may arise on UK members within a domestic or multinational enterprise group where UK profits are taxed below the minimum rate of 15 percent.
​
Groups will have UK obligations even if they do not have MTT or DTT liabilities. These obligations will apply to both UK-headed and non-UK headed groups irrespective of whether the jurisdiction of the Ultimate Parent Entity implements Pillar Two.