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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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.
See More
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,
See More
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
See More
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
See More
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
See More
India delays Pillar One endorsement until specific concerns are resolved
India's Ministry of Finance has declared it will not endorse Pillar One of the OECD's two-pillar tax solution until specific concerns are resolved. Key issues include the proposed dispute resolution mechanism, which India opposes being subject to
See MoreGreece imposes 33% solidarity contribution on energy and mining sectors
Greece has introduced a new temporary solidarity contribution targeting companies in the energy and mining sectors, set at a rate of 33%, in line with European Council Regulation (EU) 2022/1854. This measure is outlined in Bill 5123/2024, enacted
See MoreTurkey unveils tax reform bill with major changes to pensions, fees, corporate tax
Turkey’s AKP Group Presidency presented "Draft Law on Amendments to Tax Laws and Certain Laws" to the Parliament on 16 July, 2024. This proposal, consisting of 53 articles, aims to make changes to the existing tax framework. The draft aims to
See More
Turkey to implement Pillar Two rules in 2024
Turkey’s government has submitted a draft bill to the parliament in which it proposed to implement the global (Pillar Two) and domestic minimum taxes alongside amendments to various tax laws on 16 July, 2024. The bill proposes the
See MoreTurkey: Parliament receives tax reform legislation, includes global minimum tax provisions
The Turkish parliament received tax reform legislation on 16 July, 2024. This proposal includes provisions for implementing the Pillar Two global minimum tax, in line with the GloBE rules approved by the BEPS Inclusive Framework. The global
See More