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 institutions
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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India eliminates windfall tax on crude oil
According to a government notification, the Indian government announced the elimination of the windfall tax on crude oil, which had been set at INR1,850 per tonne on Tuesday, 17 September 2024. The new policy will take effect from today, 18
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UK consults on updated multinational and domestic top-up tax guidance
The UK has launched a consultation on the updated draft guidance for the Multinational Top-up Tax and Domestic Top-up Tax, which includes new and revised sections of the manual. The consultation will end on 23 October 2024. Consultation
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Portugal approves draft law for Pillar Two global minimum tax
Portugal's Council of Ministers approved Draft Law 21/XVI/1 for implementing the Pillar Two global minimum tax, in line with Council Directive (EU) 2022/2523 of 14 December 2022 on 11 September 2024. The draft law introduces the Pillar Two income
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Bulgaria: Cabinet approves intent to sign STTR MLI
Bulgaria’s Council of Ministers approved a letter of intent to join the Multilateral Convention for Implementing the Pillar Two Subject to Tax Rule (STTR MLI) on 11 September 2024. The signing ceremony for the STTR MLI is set to take place on
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Philippines sets 20% corporate tax for companies under enhanced deduction
The Philippine Senate passed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act on 9 September 2024. The Create More Act modifies the Create Act, which was enacted
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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
See MoreUK 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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