Italy issues decree on Pillar Two rules, deferred tax attributes on transition
Italy’s Ministry of Economy and Finance has published the Ministerial Decree of 20 December 2024 in the Official Gazette No. 304 of 30 December 2024. The Decree outlines additional implementation rules for the top-up tax introduced under
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UK: HMRC publishes guidance on Pillar Two budget changes
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has released the Explanatory Notes outlining the government amendments, which focus on matters related to Pillar Two, to the Finance Bill 2024-25 on 19 December 2024. The Explanatory
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Finland: Parliament passes amendments to Minimum Tax ActÂ
Finland’s parliament has passed amendments to the Minimum Tax Act. The Act is amended to incorporate the latest OECD guidance on Pillar Two rules. The key changes include clarifying certain provisions of the law, simplifying minimum tax
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Brazil: Congress approves OECD Pillar Two rules
Brazil’s Congress has passed Bill of Law 3,817/24 on 18 December 2024, incorporating the OECD’s Global Base Erosion (GloBE) Pillar Two rules in the Brazilian tax legislation, which introduces an effective minimum taxation of 15% through an
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Kenya enacts Tax Laws (Amendment) Bill, Tax Procedures (Amendment) (No.2) Bill 2024
Kenya’s President William Ruto has signed the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill 2024 into law on 11 December 2024. Key provisions of the Tax Laws (Amendment) Bill 2024 and the Tax Procedures (Amendment) Bill
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Malaysia publishes guidance on Pillar Two global minimum tax, updates FAQs
The Inland Revenue Board of Malaysia has updated its guidance on the Pillar Two Global Minimum Tax (GMT) regarding its administration and interpretation, which goes into force on 1 January 2025. The updates include newly released Guidelines on
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Cyprus:Â House of Representatives approve Pillar Two global minimum tax rules
The Cyprus House of Representatives reportedly approved the Law on a Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups on 12 December 2024. This legislation implements Council Directive (EU)
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Australia: Pillar Two minimum tax, PCbC reporting, capital gains withholding laws receive royal assent
Australia’s laws related to the Pillar Two minimum tax, Public Country-by-Country (PCbC) reporting requirements, and capital gains withholding received Royal Assent on 10 December 2024. Pillar Two global minimum tax law The Pillar Two global
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Germany releases revised draft on Pillar Two global minimum tax amendments
Germany’s Ministry of Finance has released a second discussion draft on 6 December 2024 for a proposed amendment to the Minimum Tax Act. This draft aims to implement Council Directive (EU) 2022/2523, which establishes a global minimum tax
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UAE to introduce Pillar Two minimum tax rules, tax incentives from January 2025
The UAE Ministry of Finance has announced that it has updated certain provisions of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses on 9 December 2024. These amendments include introduction of a Domestic Minimum
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Colombia: Court upholds 15% minimum tax provisions
The Constitutional Court of Colombia has released a press statement detailing its latest rulings on 21 November, which upholds the nation’s newly implemented 15% minimum tax. Colombia introduced a new minimum tax, “Tax Reform for Equality and
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Austria updates CFC rules to prevent double taxation under Pillar Two
Austria's parliament has amended its CFC rules to avoid double taxation issues under the Pillar Two global minimum tax framework. Amendments to Section 10a of the Austrian Corporate Income Tax Act have been approved and now require Qualified
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Hungary publishes updated GloBE data sheet
Hungary’s Tax and Customs Agency has released the updated version of the GloBE data sheet on 5 December 2024. The data sheet features technical enhancements and detailed field definitions to simplify XML completion and includes a User
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Qatar: Council of Ministers approve Pillar Two global minimum tax
Qatar's Council of Ministers approved the proposed amendments to the Income Tax Law, on 4 December 2024, for the implementation of measures aligned with the Pillar Two global minimum tax framework. As part of the inclusive framework on Base
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US: IRS and Treasury extend consultation deadline for proposed CAMT regulations
The US Treasury Department and Internal Revenue Service (IRS) have announced an extension for submitting comments on the proposed regulations (REG-112129-23) concerning corporate alternative minimum tax (CAMT) on 4 December 2024. Initially published
See MoreMalaysia updates global minimum tax, Labuan self-assessment rules in Finance Bill 2024
Malaysia’s Deputy Minister of Finance has presented the Finance Bill 2024 and the Labuan Business Activity Tax (Amendment)(No. 2) Bill 2024 to the Parliament, on 19 November 2024, proposing amendments to the Income Tax Act 1967 (ITA), Real
See MoreAustralia passes bill for Pillar Two Global Minimum Tax
The Australian Senate has passed the Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 on 26 November 2024. The House of Representatives endorsed the bill in August 2024. This followed after the Australian Senate
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Switzerland publishes updated minimum taxation ordinance
Switzerland’s Federal Council has amended the Swiss Minimum Taxation Ordinance (OIMin) on 20 November 2024 due to the entry into force of the international supplementary tax Income Inclusion Rule (IIR). The Federal Council decided on 4
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