Greece: Parliament passes law implementing pillar 2 global minimum tax
On 2 April 2024, the Greek parliament approved a new law that includes provisions for adopting Council Directive (EU) 2022/2523 into Greek legislation. This directive, known as the "EU Pillar Two directive," is designed to establish a universal
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Ireland: Irish Revenue publishes guidance on outbound payment measures
On 25 March 2024, the Irish Revenue released eBrief No. 096/24 outlining new guidance on Outbound payments defensive measures. This latest guidance has been issued as part of the Finance (No.2) Act 2023. The Finance (No.2) Act 2023 inserted Chapter
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Ireland proposes increase in R&D tax credit rate and refund amounts
The Irish Minister of Finance has unveiled two major enhancements to the research and development (R&D) tax credit in the Budget 2024. The details of these provisions are included in the Finance (No. 2) Act 2023. The two enhancements are:
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France publishes 2024 Q1 floating rate for shareholder loans
On 28 March 2024, the Official Journal of France released the inaugural quarterly average floating rate for bank loans and credit facilities exceeding two years in maturity for 2024. This rate is utilized in determining the yearly maximum interest
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Norway to tax foreign companies in aquaculture on continental shelf
On 2 April 2024, the Ministry of Finance of Norway announced a proposal introducing a new tax liability for foreign companies and employees generating income from aquaculture on the Norwegian Continental Shelf. It is also proposed that tax
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New Zealand enacts tax bill with pillar 2 global minimum tax for 2023–24
On 28 March 2024, the government of New Zealand government announced that it passed the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill after receiving royal assent on 28 March 2024. The Bill provides key
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Luxembourg publishes global minimum tax pillar 2 FAQs
On 25 March 2024, the Luxembourg Administration of Direct Tax (ACD) released Frequently Asked Questions (FAQs) on the Global Minimum Tax - Pillar 2. The FAQs are related to the enforcement of the Law of 22 December 2023 relating to effective minimum
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Sweden: MoF proposes updates to pillar 2 global minimum tax rules
On 19 March 2024, the Swedish Ministry of Finance (MoF) released proposed amendments to the Act on Additional Tax, aimed at incorporating the Pillar 2 global minimum tax as outlined in Council Directive (EU) 2022/2523. As per the proposal, a
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Lithuania: Government submits draft law Implementing Pillar 2 global minimum tax
Lithuania's parliament is reviewing a Draft Law No. XIVP-3533 to partially implement a global minimum tax. This aligns with their plan to delay some key parts of the tax until 2029. The delay is allowed by EU rules for countries with few large
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Belgium issues guidance on pillar 2 global minimum tax
The Federal Public Service (SPF) Finance of Belgium has released the guidance on the Pillar 2 global minimum tax. The guidance outlines the context of the Pillar 2 global minimum tax and its enforcement in Belgium. Furthermore, the guidance also
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Australia initiates public consultation on global minimum tax legislation
On 21 March 2024, the Australian Treasury announced that it launched public consultations on primary legislation and subordinate legislation for implementing the Pillar 2 global minimum tax. The primary legislation provides guidelines for
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US: Utah reduces individual and corporate franchise tax rates
On 14 March 2024, the Governor of Utah, the 45th state of the US, approved the Senate Bill (SB) 69. This Bill reduces the individual (personal) income tax and corporate franchise tax rates, effective retroactively from 1 January 2024. The individual
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Greece: Government presents draft law implementing Pillar 2 global minimum tax
On 7 March 2024, the Greek government presented a draft law to Parliament after a public consultation period. This law implements the European Union's Minimum Taxation Directive (2022/2523) of 14 December 2022. As previously discussed, the law
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UAE launches public consultation on pillar 2 GloBe rules
The UAE Ministry of Finance (MoF) announced that it had launched a public consultation regarding the enforcement of the Pillar 2 Global Minimum Tax (GloBE) Rules. The objective of this consultation is to gather the views of stakeholders with respect
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Kazakhstan launches public consultation on corporate tax rate changes
On 7 March 2024, the Kazakhstan Ministry of the National Economy initiated a public consultation regarding the preliminary changes to the tax code. The main tax measures are as follows: The draft amendments include varying corporate income
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Cyprus issues draft legislation to enact pillar two global minimum tax rules
The Ministry of Finance of Cyprus has released the draft legislation, “The Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023". This draft legislation is
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El Salvador offers tax exemption for foreign investments and money transfers
On 13 March 2024, the Legislative Assembly of El Salvador announced that it passed reforms to the Income Tax Law. The reforms offer an income tax exemption on foreign investments in the country. In an X (formerly Twitter) post, President Nayib
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New Zealand parliament approves enforcement of pillar 2 global minimum tax rules from 2025
On 11 March 2024, the Finance and Expenditure Committee of the New Zealand Parliament released its final report on the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill. This bill includes the provisions for the
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