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
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US: 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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Lithuania approves partial implementation of global minimum tax, sets new notification rules
Lithuania’s parliament approved Law No. XIV-2680, on 6 June 2024, which partially implements the Pillar Two global minimum tax under Council Directive (EU) 2022/2523 of December 14, 2022. This legislation includes postponing main provisions,
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Luxembourg: Prime Minister Frieden proposes corporate tax cut
Luxembourg Prime Minister Luc Frieden unveiled his government's strategic fiscal roadmap in the annual State of the Nation Address on 11 June, 2024. Among the key proposals, he outlined a reduction in the corporate tax rate, slated to decrease from
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New Zealand sets deemed rate of return for foreign investment fund interests for 2023-24
On 6 June, 2024, the Inland Revenue Department of New Zealand has declared that the deemed rate of return applicable to the taxation of foreign investment fund interests will be 8.63% for the income year of 2023-24, an increase of 0.48% from the
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Belgium publishes Pillar Two global minimum tax amendments
Belgium published amendments to the Pillar Two global minimum tax (GloBe) rules in the Official Gazette No. 2024004641, in Dutch and French, on 29 May, 2024. Earlier, the Belgian Chamber of Representatives, on 2 May, 2024, passed the law on
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Australia: ATO releases 2024-25 tax withholding schedules
The Australian Taxation Office (ATO) announced it registered the Taxation Administration (Withholding Schedules Instrument 2024). Effective from 1 July, 2024, this instrument outlines the withholding schedules under the "pay as you go" (PAYG)
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Luxembourg approves amendments to Pillar Two tax rules
On 5 June, 2024, the Luxembourg Government Council approved a draft law to amend the Law of 22 December 2023. It introduces the Pillar Two income inclusion rule (IIR) and the undertaxed payment/profit rule (UTPR) in alignment with the Council
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Lithuania: Government approves state defence fund and tax increases
The Lithuanian government has approved a resolution to establish the State Defense Fund, accompanied by several tax increases. The measures, set to take effect on 1 January 2025, include extending the temporary solidarity contribution on banks
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Latvia: Parliament passes draft law to partially implement Pillar Two GloBE rules
Latvia’s parliament approved the Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups on 6 June, 2024. The law now awaits the president's approval and publication in the Official Gazette to take effect. Earlier Latvia had
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