Germany: MoF releases a revised draft bill on global minimum tax
On 10 July 2023, the German Ministry of Finance (MoF) released a revised draft bill, building on the initial discussion draft from 20 March 2023. significant changes include the introduction of a top-up tax compensation system within the minimum tax
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United Kingdom Enacts Finance Bill 2023
On 11 July 2023, the United Kingdom (UK) Finance (No.2) Act 2023 was enacted, that incorporates provisions to adopt the Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Pillar Two income inclusion
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France issues decree on temporary solidarity contribution for electricity producers
France has issued a decree outlining the guidelines for declaring and remitting the temporary solidarity contribution within the electricity production sector. The contribution is levied on electricity producers in France, with certain exceptions,
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Lithuania: Tax Authority clarifies calculations of temporary solidarity contribution to credit Institutions
On 30 June 2023, the tax Authority of Lithuania issued a supplementary clarification “on the calculation of the temporary solidarity contribution" and additionally provides an explanation regarding the law on the temporary solidarity
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Denmark initiates public consultation process for draft bill on implementing pillar two global minimum tax
On 23 June 2023, the Danish Ministry of Taxation introduced a draft bill for public review, with the objective of incorporating the EU minimum tax directive. The implementation process of the directive adheres to the guidelines set forth by the
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Pakistan: Government passes Finance Act 2023
On 26 June 2023, the government of Pakistan published the Finance Act 2023, which included changes to some of the measures that were proposed in the Budget announcement on 9 June 2023. Some notable changes, in addition to those outlined in the
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Ireland: Government to introduce temporary solidarity contribution to fossil fuel sector
On 23 June 2023, the Minister for the Environment, Climate and Communications, Mr. Eamon Ryan, announced the publication of the Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Bill 2023. This Bill provides for a
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Russia: parliament approves draft law for excess profits tax
On 13 June 2023, a draft law has been introduced by Russia's State Duma to implement an excess profits tax on companies that earned an average revenue of over RUB 1 billion in the years 2021 and 2022. This tax will apply a 10% rate to the variance
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Switzerland approves global minimum tax rules
Switzerland has achieved a major milestone in the adoption of the global minimum tax and the Base Erosion and Profit Shifting (BEPS) 2.0 Project. This important development occurred when a constitutional amendment was successfully passed through a
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UK: HMRC publishes draft guidance on global minimum tax rules
On 15 June 2023, the HMRC has published partial draft guidance on multinational top-up tax and domestic top-up tax, following their introduction in the Spring 2023 Finance Bill. Multinational top-up tax is a new tax on multinational enterprise
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Czech Republic proposes to introduce global minimum tax rule
The Ministry of Finance of the Czech Republic has released a proposed bill in accordance with EU directive on global minimum tax that outlines the implementation of the top-up tax for tax periods beginning on or after 31 December 2023. According to
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Norway: MoF issues public consultation paper implementing pillar two minimum tax
On 6 June 2023, the Norwegian Ministry of Finance published a consultation paper on the implementation of the minimum tax (Pillar Two GloBE Rules) in Norway. The draft legislation follows closely the OECD Model Rules and reflects the latest
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Thailand approves reduced tax rate regime to counter global minimum tax rule effects
On 7 June 2023, the Board of Investment (BOI) of Thailand approved rules that introduces a reduced tax rate. The objective behind this regime is to address the repercussions of the implementation of the global minimum tax rule. Under this scheme,
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Hungary extends windfall taxes until the end of 2024
On 31 May 2023, Hungary released Government Decree 206/2023 in the Official Gazette amending Government Decree 197/2022 regarding temporary windfall taxes on additional profits. The decree includes extension of certain taxes until 2024 and making
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Netherlands presents global minimum tax bill to parliament
On 31 May 2023, the bill on the Minimum Profit Tax Act 2024 was presented to the Lower House of Parliament. The proposal ensures that multinational groups and domestic groups with an annual revenue of €750 million or more pay tax on their
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Denmark implements temporary solidarity contribution on fossil fuel sector
Denmark has released Law No. 502 dated 16 May 2023 in the Official Gazette, which establishes the implementation of a temporary solidarity contribution targeting the fossil fuel sector, aligning with Council Regulation (EU) 2022/1854. The measure
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Greece introduces new process for fossil fuel companies on temporary solidarity contribution return
On 8 June 2023, the Greek Public Revenue Authority (AADE) has recently issued Decision A. 1069, outlined the necessary procedures and return form for the temporary solidarity contribution imposed on fossil fuel companies. This move aligns with
See MoreSwitzerland plans to introduce OECD BEPS Pillar Two minimum taxation rule
On 24 May 2023, the Swiss Federal Council made an announcement outlining the introduction of the OECD Pillar 2 global minimum tax. This implementation is now awaiting a referendum vote scheduled for 18 June 2023. If this is accepted, the Federal
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