Quick Summary
Amendments to AS 22, Accounting for Taxes on Income issued by the ICAI(For non-company entities) International Tax Reform-Pillar Two Model Rules The Pillar Two Model Rules, released on 20 December 2021, are part of the Two-Pillar Solution to address the tax challenges of the digitalisation of the
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FAQ :
The amendments introduce a temporary exception for non-company entities from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes.
These amendments apply to non-company entities that are subject to the Pillar Two Model Rules and are applying Accounting Standards issued by the ICAI.
The Pillar Two Model Rules are part of an international agreement to ensure large multinational enterprises pay a minimum level of tax on income arising in each jurisdiction where they operate.
The amendments are effective for annual reporting periods beginning on or after April 1, 2024.
No, it introduces a temporary exception, meaning recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes are not required until the rules are enacted in India.
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