2022建筑行业预测系列之六

Investment Rating - The report does not explicitly provide an investment rating for the construction industry Core Insights - The international tax landscape for multinational construction companies is undergoing significant changes due to the OECD/G20 BEPS framework, which aims to reform tax allocation rights and minimum tax rates for large multinational enterprises starting in 2023 [5][6][7] - New tax rules emphasize fair taxation and anti-avoidance measures, which will increase compliance complexity for multinational construction firms [9][10] Summary by Sections Tax Trends and Impacts - The international tax system is expected to evolve further, driven by political agreements on tax base erosion and profit shifting [5] - The new rules will affect multinational construction companies, particularly those with revenues exceeding €20 billion and profit margins above 10% [6][9] Pillar One and Pillar Two - Pillar One introduces a formulaic approach to reallocating taxing rights based on revenue sources, impacting large multinational companies [6] - Pillar Two establishes a coordinated tax system ensuring that large multinational groups with revenues of €750 million or more pay a minimum tax rate of 15% [7] Anti-Avoidance Measures - The Multilateral Convention (MLI) aims to address gaps in existing international tax rules by implementing minimum standards to prevent treaty abuse [8] - Increased transparency requirements will mandate multinational companies to disclose tax information by jurisdiction starting in 2024 [8][9] Compliance Challenges - The complexity of new tax rules will pose significant challenges for the accounting and tax departments of multinational construction firms [9][10] - Enhanced compliance requirements will necessitate coordination at the group level and efficient information flow between companies and tax authorities [10]