Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- The United Arab Emirates says it isn’t ready to impose a 15% global minimum tax on multinational companies in 2024 under so-called Pillar 2 rules in the OECD-brokered global tax agreement, but instead will hold a public consultation on them. That’s according to Raj Bal, global tax leader of Aramex, a Dubai-based multinational logistics, courier and package delivery company based in Dubai. Commenting on LinkedIn, Bal said the UAE government made the announcement during the regional Pillar 2 forum held last week by the OECD and the UAE ministry of finance. (LinkedIn)
- Also commenting on LinkedIn, London-based Clifford Chance Director of Tax, Julian Feiner, citing Bal’s post, said a qualified domestic minimum tax looks to be the UAE’s preferred option to the Pillar 2 rules next year. “The delay would mean that in 2024 UAE profits could be subject to top-up taxes offshore in parent jurisdictions which implement IIR [income inclusion rules],” Feiner wrote. (LinkedIn)
- According to a local report, UAE Minister of State for Financial Affairs Mohamed Hadi Al Hussaini told the regional forum that the UAE continues to support international efforts to address tax base erosion and profit shifting, including the global minimum tax. (WAE.ae)
Tax Increases, Rulings
- The French government is mulling a surtax on “excess profits” of oil refiners, as part of its efforts to close its budget gap while also reducing the impact of inflation on consumers, in particular soaring prices for gasoline, the country’s minister of budget, Thomas Cazenave said Friday in a radio interview. (FranceInfo)
- The French government has already said the draft 2024 budget that it’s due to release later this month will contain a tax hike on profits of toll road operators, a tax on airplane tickets to fund improvements to its high-speed rail system, and new environmental tax measures. (LegalAvocado)
- US Senator Elizabeth Warren announced that nine more senators have joined a coalition supporting her proposal for a Digital Asset Anti-Money Laundering Act. (Warren.Senate.gov) (Coin Telegraph)
Laterals, Moves, Promotions
- Big UK firm Mishcon de Reya hired dispute resolution attorney Mark Whelan as partner in London. He arrives ffrom RBG plc, where he was partner, and was earlier partner and head of litigation at law firm Memery Crystal, which was acquired by RBG in 2021. (Mishcon)
