Finland passes pillar 2 global minimum tax
On 28 December 2023, Finland's Ministry of Finance declared that it passed the bill HE 77/2023 vp. This bill enacts the implementation of the Pillar 2 global minimum tax by Council Directive (EU) 2022/2523 of 14 December 2022. On 19 October 2023,
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Ireland passes finance act (no. 2) 2023 for 2024 budget and pillar 2 global minimum tax
On 18 December 2023, Ireland enacted the Finance Act (No. 2) 2023 (Act No. 39 of 2023), which contains provisions for the Pillar 2 global minimum tax in line with Council Directive (EU) 2022/2523 of 14 December 2022. In addition to the Pillar 2
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Croatia approves pillar 2 global minimum tax
On 22 December 2023, Croatia announced in the Official Gazette that it approved the Law on Minimum Global Profit Tax. The Croatian Parliament adopted the legislation on 15 December 2023. This law enacts the implementation of the Pillar 2 global
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Romania: Parliament passes pillar 2 global minimum tax
On 19 December 2023, the Romanian Chamber of Deputies (lower house of parliament) approved the law to implement the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. In addition to the Pillar 2 global minimum
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Hong Kong starts public discussion on adopting pillar 2 GloBe rules
On 21 December 2023, the Hong Kong Inland Revenue Department declared the launch of a public consultation on the implementation of global minimum tax under Pillar Two of the international tax reform proposals drawn up by the Organisation for
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Italy approves pillar 2 global minimum tax
On 19 December 2023, Italy’s Council of Ministers issued a press release in which it passed the legislative decree for implementing the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. This includes the
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US: IRS releases draft form for corporate AMT
The U.S. IRS has released the draft Form 4626 - Alternative Minimum Tax—Corporations concerning Corporate Alternative Minimum Tax (CAMT), The Inflation Reduction Act introduced CAMT, which enforces a minimum tax of 15% on the adjusted financial
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Netherlands: Parliament passes tax plan for 2024 and pillar 2 global minimum tax
On 19 December 2023, the Dutch Senate (upper house of parliament) passed the Tax Plan for 2024, which includes the Pillar 2 global minimum tax and other tax measures. On 27 October 2023, the House of Representatives (lower house) approved the Tax
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US: IRS publishes additional interim guidance for the new corporate alternative minimum tax (CAMT)
On 15 December 2023, the United States Department of Treasury and the Internal Revenue Service (IRS) declared the issuance of Notice 2024-10, which clarifies additional interim guidance on the new corporate alternative minimum tax
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US: IRS publishes guidance regarding the foreign tax credit and dual consolidated losses in relation to the GloBE model rules
The U.S. IRS has published Notice 2023-80, which outlines the guidance regarding the foreign tax credit and dual consolidated losses in relation to the GloBE Model Rules. The Notice also includes the Extension and Modification of the Temporary
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Malaysia: House of representatives passes finance bill (No. 2) 2023, including pillar two
On 28 November 2023, Malaysia’s Dewan Rakyat, also known as the House of Representatives, passed the Finance (No. 2) Bill 2023. Earlier, the House of Representatives, which is the lower house of the Parliament of Malaysia, deliberated the
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Norway to implement global minimum tax
On 24 November 2023, the Norwegian government submitted a draft bill to the parliament to enforce Norway's Pillar 2 global minimum tax rules. On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on implementing the
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Hungary: Parliament passes pillar two global minimum tax law
On 21 November 2023, the Hungarian Parliament passed legislation to implement the Pillar 2 global minimum tax (GloBE) rules as per the Council Directive (EU) 2022/2523 of 14 December 2022. On 17 October 2023, Hungary’s Ministry of Finance
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Cyprus consents to the Pillar Two QDMTT and the transitional UTPR Safe Harbours
On 30 October 2023, the government of Cyprus released a press release announcing its consent to the design and application of the transitional Undertaxed Profits Rule (UTPR) Safe Harbour and the permanent Qualified Domestic Minimum Top-up Tax
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Hungary: MOF introduces draft legislation on BEPS 2.0 pillar two to parliament
On 31 October 2023, the Hungarian Ministry of Finance presented the draft legislation to the parliament regarding the implementation of EU Directive 2022/2523 on the global minimum tax. As previously reported, the Ministry of Finance released
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Cyprus issues public consultation on draft legislation implementing GloBe rules
On 10 October 2023, the Ministry of Finance introduced a harmonizing bill entitled "Ensuring a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Act of 2023" and invited stakeholders for
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Hungary: MoF initiates public consultation regarding a draft bill on pillar two
On 17 October 2023, Hungary’s Ministry of Finance initiated a public consultation process regarding a draft law for implementing the corporate minimum tax under Pillar 2 as per the Council Directive (EU) 2022/2523 of 14 December 2022. The
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Malaysia announces tax proposals for 2024 Budget
On 13 October, Malaysian Prime Minister and Finance Minister Anwar Ibrahim tabled the government’s 2024 budget. The budget includes tax proposals related to corporations such as: Capital gains tax on disposal of unlisted shares: In line
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