Slovenia accepts draft bill implementing Pillar 2 global minimum tax
On 22 November 2023, the Slovenian government presented a draft bill to the National Assembly for the implementation of the Pillar 2 global minimum tax rule in accordance with Council Directive (EU) 2022/2523. The draft bill aims to establish a
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Vietnam: NA passes resolution to implement Pillar 2 global minimum tax
On 29 November 2023, the National Assembly (NA) passed a resolution to implement the Pillar 2 global minimum tax rules. According to this resolution, multinational enterprises with a total consolidated revenue exceeding €750 million (around $800
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Slovenia proposes temporary additional bank tax and corporate income tax rate increase
Slovenia has announced plans to introduce a new 0.2% tax on banks' balance sheets and raise the corporate income tax (CIT) from 19% to 22% to fund measures to support areas affected by the floods of August 2023. The temporary bank tax will be in
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Pakistan: FBR issues notification imposing 40% windfall tax on banks
On 21 November 2023, the Pakistan Federal Board of Revenue (FBR) released Notification SRO 1588(I)/2023, Which notified that imposed a 40 percent additional tax on windfall profits of banks arising from foreign currency deals throughout 2021 and
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Austria: Nationalrat considers bill to implement Pillar 2 global minimum tax
On 24 November 2023, the Austrian lower house of parliament (Nationalrat) approved Bill No. 2322 dB for consideration to ensure Pillar 2 global minimum global taxation for multinational enterprise (MNE) groups and large domestic groups in the
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UAE amends corporate tax law for global minimum tax implementation
On 24 November 2023, the United Arab Emirates released the Federal Decree Law No. 60 of 2023 in the Official Gazette with amendments to selected provisions of Federal Decree-Law No. 47 of 2022 (the Corporate Tax Law). The amendments are made as
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Sweden: Government presented a bill for incorporating the OECD’s global minimum tax
On 26 October 2023, the Swedish government presented a bill for incorporating the OECD's global minimum tax rules (Pillar Two) and the EU's minimum tax directive into Swedish law. The Swedish parliament is now tasked with debating and voting on the
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Vietnam takes step towards global minimum tax adoption
On 10 November 2023, the Vietnam Government declared that the National Assembly is currently deliberating a proposed resolution aimed at enacting the regulations related to Global Minimum Tax. The Global Minimum Tax, also known as Pillar Two, is an
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Luxembourg revises draft bill on global minimum tax
On 13 November 2023, the Luxembourg government submitted a revised draft bill on global minimum tax to the Parliament. The bill aims to incorporate the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14
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Croatia announces draft law for pillar 2 global minimum tax
Croatia has published a draft legislation for enforcing the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. This includes the introduction of the Pillar 2 income inclusion rule (IIR) and the undertaxed
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Belgium: parliament reviewing draft law for pillar 2 global minimum tax
The Belgian parliament is currently considering the draft bill for implementing the Pillar 2 global minimum tax, as per Council Directive (EU) 2022/2523 of 14 December 2022. The draft bill was submitted to the Parliament on 13 November 2023. The
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Germany: Parliament approves draft bill to implement Pillar 2 global minimum tax
On 10 November 2023, the lower house of parliament (Bundestag) approved legislation to implement EU Council Directive 2022/2523, which aims to establish a global minimum tax rate and introduce other accompanying measures as outlined in resolution
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Lithuania: MoF publishes draft Law on implementation of Pillar 2 Global Minimum Tax
On 27 October 2023, the Lithuanian Ministry of Finance (MoF) published a draft law for the partial implementation of the Pillar 2 global minimum tax in accordance with EU Council Directive 2022/2523 of 14 December 2022. The proposed
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Estonia delays implementation of Pillar 2 global minimum tax
On October 27, 2023, Estonia published a draft legislation to incorporate OECD Pillar 2 rules into its domestic law, aligning with the EU Minimum Tax Directive. The draft does not incorporate provisions regarding income inclusion rule (IIR) and
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Jamaica set to implement Pillar 2 qualified domestic minimum top-up tax
On 31 October 2023, Mrs. Marlene Nembhard-Parker, Deputy Commissioner General, Legal Support Services of Tax Administration Jamaica said that Jamaica plans to introduce a Qualified Domestic Minimum Top-up Tax (QDMTT) under the OECD Pillar 2 Global
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Ireland: Government publishes Finance Bill 2023
On 19 October 2023, the Minister for Finance of Ireland, Mr. Michael McGrath presented the Finance (No. 2) Bill 2023 as part of the Irish budget. The Finance Bill implements the taxation changes announced on Budget Day as well as introducing some
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Russia: MoF issues guidance on excess profits tax deduction
On 13 October 2023, the Russian Ministry of Finance (MoF) issued Guidance Letter No. 03-03-06/1/97405 outlining the process for calculating and paying excess profit tax. The letter specifies that taxpayers liable for the excess profit tax have the
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Italy: Council of Ministers passes draft Budget for FY 2024-2026
On 16 October 2023, Italy's Ministry of the Economy and Finance declared the Council of Ministers' approval of the 2024-2026 draft budget bill. The key proposals include: The plastic and sugar tax will remain suspended until 1 July 2024;
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