UK: HMRC announces notice on registration and basic guidance for pillar 2 top-up taxes
The UK HMRC released a notice regarding the registration process and basic guidance for Pillar 2 top-up taxes in the UK on Monday, 20 May, 2024. Pillar 2 top-up taxes registration (notice 1) The notice explains how to register for Pillar 2
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Belgium passes global minimum tax law amendments
The Belgian Chamber of Representatives, on 2 May, 2024, passed the law on various tax provisions including initiatives for reforming investment deductions. Other notable measures include provisions concerning the Pillar Two Global Minimum Tax and
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Canada: New federal budget proposal may impact charities
Canada’s 2024 federal budget proposal may affect charities due to amendments made to the donation receipt requirements, and modification to the communication process between Canada Revenue Agency (CRA) and charitable organisations. The budget
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US: Proposed bill could affect a taxpayer’s CAMT liability for 2023
A new provision was included in the "Inflation Reduction Act of 2022" (IRA) on Monday, 6 May, 2024, officially known as H.R. 5376, which included a new Corporate Alternative Minimum Tax (CAMT). This tax is determined based on the financial
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Belgium: Parliament adopts changes to pillar two global minimum tax rules
Belgium’s Parliament has adopted the changes to the Pillar Two global Minimum Tax Rules approved for multinational enterprises and large-scale domestic groups in December, 2023. The amendments will be enforced for fiscal years beginning from 31
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Canada: 2024 budget implementation act includes pillar two global minimum tax
Canada's Department of Finance announced, on 30 April 2024, that it tabled the “Notice of Ways and Means Motion to introduce an Act to implement certain provisions of the budget tabled in Parliament on 16 April 2024”. This legislation will
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Poland releases draft bill for pillar two global minimum tax
Poland’s government has published the draft bill for the implementation of the pillar two global minimum tax in Poland under the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022). Previously, the Polish government
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Iceland plans to adopt global minimum tax rules pillar two
On 16 April 2024, Iceland published the Fiscal Strategy Plan for 2025-2029, in which it determined to implement a global minimum tax pillar under the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022. This includes the
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US: IRS offers penalty relief for underpaid estimated income tax due to corporate alternative minimum tax (CAMT)
The US Internal Revenue Service (IRS) has published Notice 2024-33, providing relief from penalties for underpayment of estimated income tax due to a portion of a corporation's Corporate Alternative Minimum Tax (CAMT) liability. This penalty relief
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Estonia passes laws for public CbC reporting and partial adoption pillar 2 GloBE rules
On 10 April 2024, Estonia’s parliament passed the Act supplementing the Tax Information Exchange Act, the Taxation Act, and the Income Tax Act (379 SE). This law outlines the requirements for the implementation of public CbC reporting in
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New Zealand enacts tax bill with pillar 2 global minimum tax for 2023–24
On 28 March 2024, the government of New Zealand government announced that it passed the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill after receiving royal assent on 28 March 2024. The Bill provides key
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Luxembourg publishes global minimum tax pillar 2 FAQs
On 25 March 2024, the Luxembourg Administration of Direct Tax (ACD) released Frequently Asked Questions (FAQs) on the Global Minimum Tax - Pillar 2. The FAQs are related to the enforcement of the Law of 22 December 2023 relating to effective minimum
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Belgium issues guidance on pillar 2 global minimum tax
The Federal Public Service (SPF) Finance of Belgium has released the guidance on the Pillar 2 global minimum tax. The guidance outlines the context of the Pillar 2 global minimum tax and its enforcement in Belgium. Furthermore, the guidance also
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Australia initiates public consultation on global minimum tax legislation
On 21 March 2024, the Australian Treasury announced that it launched public consultations on primary legislation and subordinate legislation for implementing the Pillar 2 global minimum tax. The primary legislation provides guidelines for
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UAE launches public consultation on pillar 2 GloBe rules
The UAE Ministry of Finance (MoF) announced that it had launched a public consultation regarding the enforcement of the Pillar 2 Global Minimum Tax (GloBE) Rules. The objective of this consultation is to gather the views of stakeholders with respect
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Cyprus issues draft legislation to enact pillar two global minimum tax rules
The Ministry of Finance of Cyprus has released the draft legislation, “The Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023". This draft legislation is
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New Zealand parliament approves enforcement of pillar 2 global minimum tax rules from 2025
On 11 March 2024, the Finance and Expenditure Committee of the New Zealand Parliament released its final report on the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill. This bill includes the provisions for the
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Poland introduces draft legislation to enact pillar two global minimum tax
The Polish government announced that it has introduced a draft legislation for implementing the pillar two global minimum tax in Poland in accordance with the EU Minimum Tax Directive (Council Directive (EU) 2022/2523) of 14 December 2022. The
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