Italy issues decree for Qualified Domestic Minimum Top-up Tax
Italy's Ministry of Finance announced, on 3 June 2024, the publication of the “Decree of 1 July 2024”. It contains the methods of implementing the national minimum tax or Qualified Domestic Minimum Top-up Tax (QDMTT) provided for in Article 18
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Bangladesh passes Finance Act 2024
The Bangladesh parliament has passed the Finance Bill 2024 on 30 June, 2024, which amends several laws related to individual tax, corporate tax, and vat and supplementary duty. The bill was introduced by Finance Minister Abul Hassan Mahmood Ali,
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India increases windfall tax on petroleum crude
India’s government announced yesterday, 15 July 2024, an increase in the windfall tax on petroleum crude, raising it from INR 6,000 to INR 7,000 ($83.78) per metric tonne. This change will take effect starting today, 16 July. As part of its
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US: Oregon reportedly proposes higher taxes for corporations
The US State of Oregon, in its Initiative Petition 17 (IP 17), has reportedly proposed to raise minimum taxes for corporations in Oregon with sales over USD 25 million. Initiative Petition 17 proposes to increase state taxes paid by certain
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Portugal to approve Pillar Two Directive transposition after public consultation
Portugal’s Minister of Finance Joaquim Miranda Sarmento, has announced the upcoming approval of the project bill for the transposition of the EU's Pillar Two Directive. This decision follows a public consultation period that began on Wednesday,
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Russia approves tax reform bill
The Russian State Duma and Federation Council have approved a tax reform bill aimed at boosting fiscal revenues on 10 July, 2024. Proposed by the Ministry of Finance and endorsed after rigorous debate, the legislation ushers in significant changes
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Hungary to end windfall taxes on telecom, pharma sectors
The Hungarian government has announced plans to eliminate windfall taxes on the telecommunications and pharmaceutical sectors by 2025, according to Economy Minister Marton Nagy. By phasing out these taxes on telecommunications and pharmaceutical
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UK issues guidance on preparation of Multinational Top-up Tax, Domestic Top-up Tax
The UK HMRC issued guidance on How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax. In October 2021, the UK and over 135 other countries agreed as part of the OECD Inclusive Framework to a two-pillar solution to reform the
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Nigeria publishes new withholding tax rates
Nigeria’s federal government passed a new withholding tax regime on 2 July 2024, following the country’s ongoing efforts to reform its fiscal and taxation system. The new withholding tax regime introduces exemptions for small businesses,
See MoreUS: Lawmakers urge treasury secretary to enforce 15% corporate minimum tax
US Senators Elizabeth Warren (D-MA), Angus King (I-ME), Michael Bennett (D-CO.), and Representative Don Beyer (D-VA) are urging to fully implement the 15% Corporate Alternative Minimum Tax (CAMT). A signed letter was sent to Treasury Secretary
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Kazakhstan consults signing of STTR MLI approval
The Ministry of Finance of Kazakhstan has initiated a public consultation on a draft resolution to approve the signing of the Multilateral Convention to Facilitate the Implementation of the Pillar Two Subject to Tax Rule (STTR MLI). The
See MorePortugal approves tax measures to boost economy, includes reduced CIT rate and VAT groups
The Portuguese government approved a comprehensive set of tax proposals during the Council of Ministers meeting, on 4 July 2024, to promote the scale of Portuguese companies, consolidation and capitalisation; develop new financing and streamline
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Australia introduces Pillar Two global minimum tax legislation in parliament
Australia’s Treasurer Jim Chalmers announced on 4 July, 2024, the introduction of legislation in parliament aimed at implementing the Pillar Two global minimum tax. Introduced by the Albanese Government, the legislation ensures multinational
See MoreUS: New Jersey approves highest corporate tax rate, potentially impacts 700 companies
New Jersey lawmakers passed a bill on 30 June, 2024, to implement the highest corporate tax rate for the state’s largest companies in the US. The bill is estimated to impact close to 700 companies in the state. The legislation proposes adding a
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Lithuania: Parliament adopts state defence fund, increases corporate income tax and excise duties
Lithuania's parliament has approved a resolution to establish the State Defense Fund, but to achieve this goal, the parliament has raised the corporate tax rate and excise duties on alcohol, cigarettes and fuel, and enacted the Defence Fund
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Italy issues decree for Qualified Domestic Minimum Top-up Tax
Italy's Ministry of Finance announced on 3 July, 2024, the publication of the “Decree of 1 July 2024”. The Decree contains the methods of implementing the national minimum tax or Qualified Domestic Minimum Top-up Tax (QDMTT) provided for in
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Turkey: Finance Minister outlines strategies to combat tax evasion, abolish certain tax incentives
In a recent televised interview, Turkey’s Treasury and Finance Minister Mehmet Simsek discussed the country's economic strategies and reforms, which included schemes to broaden the country’s tax base and combat tax evasion. The government is
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Australia notifies implementation status of Pillar Two GloBe rules
The Australian Taxation Office (ATO) has shared key consultation feedback and findings regarding the implementation of the OECD/G20 Two Pillar Solution in Australia on 24 June 2024. It expects to complete the development of the necessary mechanisms
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