Germany: Lower House of Parliament passes Annual Tax Act 2024
Germanyβs Lower House of Parliament of Germany (Bundestag) passed the Annual Tax Act 2024 on 18 October 2024. The Bundestag has implemented 59 changes to the draft law based on the Finance Committee's recommendation. The Annual Tax Act 2024
See MoreGermany issues Notification Form for minimum tax group under Pillar Two rules
The German Federal Ministry of Finance released a notification form for the parent entity of German minimum tax groups subject to the Pillar Two global minimum tax rules on 17 October 2024. The notification for the parent entity of the minimum
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Portugal adopts Pillar 2 global minimum tax for large corporations
Portugal has adopted the global minimum tax for large multinational and domestic groups, effective from 18 October 2024. This legislation aligns with Council Directive (EU) 2022/2523 and the OECD Pillar Two Model Rules. The law introduces the
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Sweden presents bill to amend Pillar Two rules
The Swedish government has presented a final draft legislation to Parliament, released on 15 October 2024, which recommends amendments to its law for implementing the EU's global minimum tax directive, including the introduction of several Pillar
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Singapore passes bills for the implementation of global minimum tax on multinational corporations
Singapore's parliament passed two bills on 15 October 2024 βΒ Multinational Enterprise (Minimum Tax) (Bill No.33/2024) and Income Tax (Amendment) Bill (Bill No. 32/2024.) β which introduces a top-up tax (MTT) and a domestic top-up tax (DTT) for
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Singapore: Second Finance Minister outlines key provisions of Income Tax (Amendment) Bill, Multinational Enterprise (Minimum Tax) Bill
Singapore's Second Minister for Finance, Indranee Rajah, presented the Income Tax (Amendment) Bill and the Multinational Enterprise (Minimum Tax) Bill during their second reading in Parliament, on 14 October 2024, with the aim to modernise
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EU publishes its stance on Terms of Reference for a United Nations Framework Convention on International Tax Cooperation
The Council of the European Union has declared its Position of the European Union and its Member States on the draft Terms of Reference for a United Nations Framework Convention on International Tax Cooperation. This follows after they abstained
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New Zealand: IRD updates compliance guide for multinational enterprises, incorporating BEPS and pillar two measures
The Inland Revenue Department (IRD) New Zealand has updated its compliance focus guide for multinational enterprises (MNEs) to reflect important changes since 2019, including the integration of OECD base erosion and profit shifting (BEPS) measures
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Slovak Republic passes bill to introduce financial transaction tax,Β amends VAT, income tax and other tax rates
Slovak Republicβs parliament passed a government bill on 3 October 2024 introducing a new tax on financial transactions and amending several acts, including VAT and income tax rates. The key details of the bills are as follows: Financial
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Brazil implements Additional Social Contribution to Net Profit as Pillar 2 top-up tax
Brazil has enacted Provisional Measure No. 1.262 of October 3, 2024, and Normative Instruction No. 2.228 of October 3, 2024, to introduce an Additional Social Contribution to Net Profit (CSLL). This initiative aims to comply with the requirements of
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Lithuania moves towards full implementation of Pillar Two global minimum tax
Seimas, the Lithuanian parliament is reviewing a draft law to fully implement the Pillar Two global minimum tax, in line with Council Directive (EU) 2022/2523 of 14 December 2022. According to the draft, the law for full implementation is set to
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Greece releases solidarity contribution details for energy, mining sectors
The Greek Public Revenue Authority (AADE) hasΒ published an outline of the form and content of the temporary solidarity contribution declaration on 18 September 2024. Greece introducedΒ temporary solidarity contribution targeting companies in the
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Lithuania: Social Democratic Party proposes higher corporate income tax, luxury asset tax
Lithuaniaβs Social Democratic Party Vilija BlinkeviΔiΕ«tΔ, announced her party's tax reform plans in anticipation of the upcoming election on 24 September 2024. She stated that if her party comes to power after the forthcoming parliamentary
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Argentina: Budget Bill 2025 proposes scrapping foreign currency purchase taxΒ
The Argentine National Executive Branch presented the 2025 Budget Bill to Congress, which made no significant changes to the current tax framework except for eliminating the tax on foreign currency purchases (PAIS tax rate) starting 1 January
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Ukraine to align tax legislation with OECD standards
Representatives of the Ministry of Finance of Ukraine and State Tax Service of Ukraine announced that the country will align its tax legislation with OECD standards. Representatives of Ukraine at the invitation of the Organisation for Economic
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Australia endorses OECD subject to tax rule for multinational tax reform
Andrew Leigh, the Australian Assistant Minister for Competition, Charities, and Treasury, announced that Australia is committed to multinational tax reform through a Statement of Support for the OECD's 'Subject to Tax Rule' on 20 September
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Latvia considers temporary solidarity tax on credit institutionsΒ
Latvia's Ministry of Finance announced that it is developing a proposal for a temporary solidarity contribution from credit institutions to support national security on 18 September 2024. Solidarity contributions are planned to apply from 2025 to
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Japan updates FAQs on global minimum tax regulations
The Japanese tax authority has updated the FAQs regarding the country's global minimum tax regulations, known as the income inclusion rule (IIR), on 13 September 2024. This update introduces two new FAQs about the QDMTT Safe Harbour requirements,
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