Thailand launches public consultation on pillar 2 global minimum tax
On March 1, 2024, the Thai Revenue Department initiated a public consultation on draft legislation for enforcing the Pillar 2 global minimum tax rules in Thailand. The legislation includes the Pillar 2 income inclusion rule (IRR) and undertaxed
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New Zealand updates two-pillar solution including Amount B transfer pricing approach
On 23 February 2024, the New Zealand Inland Revenue Department released an update regarding the OECD's two-pillar solution and its enforcement in New Zealand. The update mentions that New Zealand has decided not to implement the Amount B simplified
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UK government enacts finance act 2024 with changes to pillar 2 global minimum tax
On 22 February 2024, the UK government officially enacted the Finance Act 2024 after receiving royal assent on the same date. This Act enforces the previously outlined measures in the Autumn Statement 2023. The Autumn Statement was delivered on 22
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Malta to partly enact pillar 2 global minimum tax
On 20 February 2024, Malta published Legal Notice No. 32 of 2024 in the Official Gazette, which outlines the provisions of the global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the European Union
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Estonia passes draft law for delaying pillar 2 global minimum tax and public CbC reporting
On 8 February 2024, Estonia's Ministry of Finance, in a release announced that it passed the draft legislation to postpone the implementation of the Pillar 2 global minimum tax until the year 2030. Until that time, the companies that fall within the
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Belgium passes legislation for implementing minimum taxation directive
On 28 December 2023, Belgium implemented the law to enforce the Minimum Taxation Directive (2022/2523). This law entered into force on 31 December 2023 after the Belgian Parliament approved the legislation on 14 December 2023. The full text of the
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US issues revised report on international tax proposals addressing profit shifting pillars 1 and 2
On 31 January 2024, the U.S. Congressional Research Services (CRS) published the revised "In Focus" report on International Tax Proposals Addressing Profit Shifting: Pillars 1 and 2. On June 5, 2021, finance ministers of the Group of 7 (G7)
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Latvia approves draft law to partially enact pillar 2 global minimum tax
On 30 January 2024, the Latvian Cabinet of Ministers passed a draft legislation, Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups, for the partial implementation of the Pillar 2 global minimum tax (GloBE) rules in accordance
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Italy enforces pillar two global minimum tax
On 28 December 2023, Italy published the Legislative Decree n. 209 dated 27 December 2023 in the Official Journal. The Decree announces the implementation of the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022) in
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Slovakia parliament passes law to implement pillar two global minimum tax
On 8 December 2023, the Slovak Parliament approved legislation to enforce a top-up tax to ensure minimum taxation for large local entities and multinational groups. The legislation aligns with the OECD Pillar Two and the EU global minimum tax
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Spain drafts final legislation to implement pillar 2 global minimum tax
Spain’s Ministry of Finance reveals that it is working on the final legislation for the implementation of the Pillar 2 global minimum tax in accordance with Council Directive (EU) 2022/2523 of 14 December 2022. The current consultation on the
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Norway enacts global minimum tax pillar 2 and amends tax administration act and tax payment act
On 12 January 2024, Normay announced the Supplementary Tax Act in the Official Gazette, which provides the provisions for implementing the Pillar 2 global minimum tax. This includes the introduction of the Pillar 2 income inclusion rule (IIR) to
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France enacts 2024 finance law with global minimum tax rules
On 30 December 2023, France released its Finance Law for 2024 (Law no. 2023-1322) in the Official Gazette, along with the Constitutional Court's review, affirming the constitutionality of key tax measures. A major highlight is the implementation of
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Romania publishes pillar 2 global minimum tax in the official gazette
On 5 January 2024, Romania published Law No. 431 of 29 December 2023 in the Official Gazette. This law enacts the implementation of the Pillar 2 global minimum tax in accordance with Council Directive (EU) 2022/2523 of 14 December 2022. In
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Spain: Council of Minister approves draft law transposing EU directive on mínimum taxation
The Council of Ministers has approved, on 19 December 2023 in the first round, the Draft Law that allows the full transposition of the European Directive relating to the guarantee of a global minimum level of taxation of 15% for groups of
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South Korea approves 2024 tax reform bill and postpones undertaxed profits rule
On December 31, 2023, South Korea implemented the 2024 Tax Reform Bill (the 2024 Tax Reform) after approval from Korea's National Assembly on 21 December 2023. The 2024 Tax Reform will take effect for fiscal years starting on or after 1 January 1,
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South Korea updates pillar 2 GMT laws to incorporate OECD guidance
On 31 December 2023, South Korea issued Law No. 19928 (Partial Amendment to the International Tax Adjustment Act). The amendments pertain to the Pillar 2 global minimum tax rules South Korea introduced as part of tax reforms for 2023. The amendments
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Netherlands releases pillar 2 global minimum tax guide
On 31 December 2023, the Dutch Tax Administration released the guide on the Minimum Tax Act 2024. The Minimum Tax Act 2024, which entered into force on 31 December 2023, facilitates the implementation of the global minimum tax under Pillar 2 under
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