Australia announces GIC and SIC rates for Q1 2024-25
The Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the first quarter of the 2024-25 income year on 19 June, 2024. For the quarter commencing on 1 July 2024, the GIC
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Belgium extends deadline for initial Pillar Two registration notification
Belgium's Federal Public Service (SPF) Finance, in a notice on 2 July 2024, announced the deadline extension for the initial submission of the registration notification for the Pillar Two global minimum tax. The deadline has been extended until
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India increases windfall tax on petroleum
India's government has announced an increase in the windfall tax on petroleum, raising it to INR 6,000 per metric ton starting 2 July 2024. This decision, detailed in a recent notification, marks a sharp rise from the previous rate of INR
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Lithuania implements notification rules for Pillar Two global minimum tax
Lithuania has published Order No. 2024-11391 on 21 June, 2024, in the Official Gazette, detailing procedures for submitting mandatory information notices concerning the implementation of the Pillar Two global minimum tax under Council Directive (EU)
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Portugal approves tax reform to boost capital market, affordable housing
Portugal's parliament has passed a tax reform package designed to invigorate the capital market and promote affordable housing. This legislation, approved on 14 June 2024, awaits presidential ratification and gazetting. The first major aspect
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US: New Jersey proposes increasing corporate tax rate to 11.5%
Lawmakers of New Jersey are poised to approve a proposed corporate income tax rate increase for the state's largest companies. New Jersey Governor Phil Murphy proposed the increase, intending to use the increased tax revenue to fund the state’s
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Australia: ATO issues guidance on pending domestic and global minimum tax
The Australian Taxation Office (ATO) has issued guidance on implementing the OECD/G20 Two Pillar Solution, also known as the Global and Domestic Minimum Tax, for multinational businesses in Australia on 24 June, 2024. Although this measure has
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Latvia publishes law for partial adoption of Pillar Two GloBE rules
Latvia published the Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups in the Official Gazette on 20 June, 2024. The law went into effect starting 21 June, 2024. As previously reported, Latvia had chosen to postpone the
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Norway: MOF seeks feedback on tax distribution rule under Pillar Two GloBE rules
Norway’s Ministry of Finance initiated a public consultation regarding the proposed implementation of the tax distribution rule (Undertaxed Profits Rule - UTPR) under Pillar Two of the OECD Base Erosion and Profit Shifting (BEPS) project on 19
See MoreUS: Arkansas passed bill to reduce corporate tax, individual income tax
The state of Arkansas announced the enactment of Senate Bill 1 during its 94th General Assembly, introducing significant personal income tax and corporate income tax reductions. The bill lowers corporate income taxes by changing the top rate from
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Turkey reportedly preparing to implement Pillar Two global minimum tax
Turkey's Revenue Administration has reportedly introduced draft legislation featuring measures for the implementation of the Pillar 2 global minimum tax. The global minimum tax will align with the GloBE rules approved by the BEPS Inclusive
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Canada implements legislation for global minimum tax, digital service tax
Canada's Department of Finance announced that the Fall Economic Statement Implementation Act, 2023 (Bill C-59) and the Budget Implementation Act, 2024, No. 1 (Bill C-69) received royal assent on 20 June, 2024. The key measures from the 2023 Fall
See MoreNorway to implement Pillar 2 UTPR in 2025
Norway’s Ministry of Finance has initiated a public consultation on proposed amendments to the Supplementary Tax Act. As previously noted, Norway announced the Supplementary Tax Act in the Official Gazette on 12 January 2024, which provides the
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Denmark enacts law aligning tax rules with OECD standards
Denmark has enacted Law No. 684, published on 11 June, 2024, introducing amendments to align the Minimum Taxation Act with the OECD's model rules and guidelines for the Pillar Two global minimum tax. The law includes protection rules to prevent
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Vietnam initiates consultation on corporate tax law amendment
On 12 June 2024, the Vietnamese Ministry of Finance (MoF) launched a public consultation on a proposed amendment to the corporate income tax (CIT) law. The key elements of the proposal include: Global Minimum Taxation: Incorporating a 15%
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Spain parliament publishes draft bill for pillar two global minimum tax implementation
On 14 June 2024, Spain’s Congress of Deputies published the draft bill for implementing the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. The bill includes the introduction of the Pillar Two income
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Egypt reportedly finalising tax 2024-30 policy strategy, drafts new corporate tax law
The Egyptian Ministry of Finance’s tax policy strategy for 2024-30 is said to be in its final stages of completion, which possibly includes a draft of a new corporate tax law. It is rumoured that it will introduce a 15% minimum tax for
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Denmark to strengthen entrepreneurs with tax breaks
The Danish government announced a fresh approach to strengthen entrepreneurship and start-ups by implementing tax cuts and other beneficial measures on 12 June, 2024. The government will, among other things, provide tax breaks for entrepreneurs
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