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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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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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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Pillar Two: Global minimum tax implementation status globally
In October 2021, over 135 jurisdictions joined OECD’s two-pillar solution to reform the international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate and generate profits. The global
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South Africa: Finance Minister presents the Budget for 2024
On 21 February 2024, Enoch Godongwana, South Africa's Minister of Finance announced the budget 2024. Key tax highlights from the 2024 budget following: Enforcing the global minimum corporate tax: The OECD/G20 Inclusive Framework on Base Erosion
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Greece proposes new law to implement EU minimum tax rules
On 23 February, 2024, the Greek Ministry of Finance initiated a public consultation on a proposed bill aiming to incorporate the OECD’s Pillar Two Model Rules, as outlined in the EU Minimum Tax Directive. This draft bill is currently open for
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Singapore: Finance Minister presents the Budget for 2024
On 16 February 2024, Mr. Lawrence Wong, Deputy Prime Minister and Finance Minister, presented the Budget Statement for the year 2024 in Parliament. Some of its most significant Budget 2024 overview of tax measures are summarized below: For
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Japan submits tax reform bill 2024 to parliament
On 2 February 2024, the Japanese Cabinet submitted the tax reform bill 2024 to parliament. The bill covers various tax measures. Key measures of the bill include: Driving Domestic Growth: The introduction of new tax credit incentives is
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South Korea implements tax reforms including deferring UTPR to 2025
South Korea has implemented various tax changes as part of the 2024 tax reform measures passed by the parliament in late 2023. The main tax measures are: The global minimum tax (GloBE) rules have been amended, with the undertaxed payment/profit
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India: CBDT issues circular explaining tax provisions under Finance Act 2023
On 23 January 2024, the Central Board of Direct Taxes (CBDT) of India released Circular No. 1/2024 explaining the tax provisions outlined in the Finance Act 2023. The circular is presented with the statement, "This circular elucidates the essence of
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Slovenia implements temporary tax increases, new measures for financial recovery
As previously reported, Slovenia introduced a new Act on reconstruction, development, and provision of financial resources (referred to as " Act on the Reconstruction, Development and Provision of Financial Resources"). The Act implements a
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Romania announces tax amendments for 2024
Romania has implemented various tax amendments for 2024 that include new turnover taxes, VAT rate changes, and mandatory electronic invoicing. These tax changes are: A new regulation that imposes a 1% minimum turnover tax on companies with
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Greece reveals draft law on Pillar 2 global minimum tax for multinationals
On 9 January 2024, Greece's Ministry of Economy and Finance declared the presentation of a draft law to the cabinet for integrating the Pillar 2 global minimum tax according to Council Directive (EU) 2022/2523 of 14 December 2022. The draft law
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Kazakhstan broadens special retail tax regime qualifying activities
On 12 January 2024, Kazakhstan's State Revenue Committee released the Government Decree No. 1240 of 29 December 2023. The Government Decree came into effect on 15 January 2024. This Decree of the government outlines the types of activities for
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France enacts 2024 finance law with global minimum tax rules
On 30 December 2023, France released its Finance Law for 2024 (Law no. 2023-1322) in the Official Gazette, along with the Constitutional Court's review, affirming the constitutionality of key tax measures. A major highlight is the implementation of
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Vietnam proposes investment support fund to counter global minimum tax impact on foreign firms
Vietnam's Ministry of Planning and Investment has responded to the OECD's Global Minimum Tax initiative by proposing a draft decree to establish an Investment Support Fund. This initiative comes after the passage of top-up tax legislation in late
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South Korea introduces pillar 2 GMT measures and international tax response team
On 4 January 2024, South Korea’s National Tax Service released the new Pillar 2 global minimum tax (GMT) requirements. The announcement affirms the government’s intention to enforce the global minimum tax requirements from 1 January 2024. It
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