Singapore introduces global minimum tax legislation and amendments to income tax act
Singapore has introduced legislation for a previously announced domestic top-up tax, aligning with Pillar 2 global minimum tax. Multinational Enterprise (Minimum Tax) Bill 33/2024, introduced in Parliament on 9 September 2024, mandates that large
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South Africa releases guide on revised tax rates and levies
The South African Revenue Service (SARS) released an updated version of the Guide for Tax Rates/Duties/Levies (Issue 17) on 29 August 2024. This guide compiles current and historical insights into the various taxes, duties, and levies collected by
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Argentina lowers tax rate (PAIS) on foreign currency for imports and freight services
The Argentine National Executive Branch published Decree 777/2024 in the Official Gazette on 2 September 2024. This decree amends the tax rates applicable to certain foreign currency purchases (Impuesto PAIS) related to payments made abroad for
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Switzerland to implement Pillar 2 IIR from January 2025, UTPR deferred
The Swiss Federal Council has declared that the Pillar 2 income inclusion rule (IIR) will be effective from 1 January 2025. The Swiss supplementary tax (QDMTT) has been in effect since 1 January 2024, but the undertaxed profits rule (UTPR) will not
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Taiwan to raise AMT to 15% for large MNEs 2025
The Ministry of Finance in Taiwan has announced draft changes to the alternative minimum tax (AMT) rate as part of its alignment with the Pillar Two global minimum tax framework on 28 August 2024. Under the proposed revisions, set to take effect
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UK plans higher windfall tax on North Sea oil, gas producers
The British government's plan to raise the windfall tax on North Sea oil and gas producers. In late July, the Labour government announced changes to the Energy Profits Levy (EPL), including increasing the tax rate from 35% to 38% starting 1
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Slovak Republic considers extending solidarity contribution for oil, gas sectors
Slovak Republic parliament has accepted a draft bill for consideration proposing to extend the temporary solidarity contribution on the crude petroleum, natural gas, coal, and refinery sectors. Originally set to apply to profits from fiscal years
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Thailand: Cabinet approves STTR MLI letter of intent
Thailand’s Council of Ministers approved a letter of intent to sign the Multilateral Convention for the Pillar Two Subject-to-Tax Rule (STTR MLI), according to a government release on 27 August 2024. Thailand's finance minister is expected to
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Czech Republic proposes amendment to top-up tax for implementing global minimum tax directive
Czech Republic’s Ministry of Finance released a draft amendment to introduce a top-up tax, aligning with the EU directive on global minimum tax that took effect on 31 December 2023. The amendment to the top-up tax act seeks to clarify specific
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Germany publishes draft law to amend global minimum tax
The German Ministry of Finance has released a discussion draft for a proposed amendment to the law implementing Council Directive (EU) 2022/2523 on establishing a global minimum level of taxation – lowering the low tax threshold for foreign
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Sweden proposes amendments to align Additional Tax Act with EU global minimum tax directive
The Sweden's Ministry of Finance unveiled a set of proposed amendments to the Act (2023:875) on Additional Tax, aimed at aligning with the EU Council Directive (EU) 2022/2523 on 15 August 2024. This directive seeks to establish a global minimum tax
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Greece imposes special levy on gas-fuelled electricity producers for August
Greece has implemented a new law imposing a special levy on electricity producers that use natural gas as fuel for August 2024. This levy, set at EUR 10 per thermal megawatt-hour of the higher heating value of natural gas, is part of the
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UK: HMRC revises guidance on multinational, domestic top-up taxes
The UK HMRC released updated guidance on ‘How to prepare for the Multinational Top-up Tax and the Domestic Top-up Tax’ on 6 August, 2024. HMRC online service HMRC is developing a new online service to enable businesses to meet their MTT
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Australia updates petroleum resource rent tax rules
Australia’s Treasurer Jim Chalmers announced new Petroleum Resource Rent Tax regulations on 6 August, 2024. The Petroleum Resource Rent Tax (PRRT) reform aims to deliver a fairer return to the Australian community from their natural resources.
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Turkey enacts tax reform law, includes Pillar Two global minimum tax
The Turkish Revenue Administration has officially published Law No. 7524 in the Official Gazette, on 2 August 2024, introducing significant tax reforms aimed at aligning with international standards. This legislation encompasses various measures,
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Netherlands imposes temporary tax on electricity producers excess income
The Netherlands enacted the Temporary Inframarginal Electricity Tax Act of 17 July 2024, introducing a temporary tax on the surplus income of electricity producers. The Act was published in the Official Gazette on 24 July 2024. On the same
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Australia: ATO announces taxation ruling updates for petroleum resource rent tax
The Australian Taxation Office (ATO) has announced an update to its Taxation Ruling TR 2014/9 to incorporate recent clarifications in the law regarding the petroleum resource rent tax (PRRT) on 25 July 2024. This ruling is in response to the
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Luxembourg adopts draft grand-ducal regulation on tax credits and minimum taxation
Luxembourg's Council of Ministers took a step by adopting a draft Grand-Ducal regulation concerning tax credits and qualified holdings under the Minimum Taxation Law (MTL) On 24 July 2024, which implements the EU's Minimum Taxation Directive
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