Vietnam’s Ministry of Finance has initiated a public consultation on a draft decree to implement Resolution No. 107/2023/QH15, outlining detailed guidelines for the implementation of GloBE rules. It is expected to be finalised and issued by December 2024 or January 2025.

The deadline for comments is 6 December 2024.

Earlier, the National Assembly (NA) passed a resolution to implement the Pillar 2 global minimum tax rules on 29 November 2023. According to this resolution, multinational enterprises with a total consolidated revenue exceeding EUR 750 million (around USD 800 million) in any two out of the past four years will be subject to a minimum tax rate of 15%.

Aligning with the OECD’s GloBE model, Vietnam’s new tax rules include IIR and QDMTT to close loopholes for multinationals and boost tax revenue.

The resolution’s provisions came into force on 1 January 2024 and will be applied to the 2024 fiscal year and all subsequent fiscal years.