OECD Issues Draft XML Schema for GloBE Information Return
On July 10, 2024, the OECD released the draft XML schema for the GloBE Information Return (GIR). This provides a method of structuring the data reporting for the GIR.
GloBE Implementation: Domestic Registration Requirements
Many jurisdictions will require GloBE registration for administrative purposes, however, the law issued to date has been inconsistent. We outline the GloBE registration obligations from the domestic legislation (enacted and draft) issued to date, with citations and links to relevant laws.
Detailed Analysis of the Italian QDMTT Implementing Decree
On July 3, 2024, the Italian Ministry of Economy & Finance issued a Decree which contains the procedures for the implementation of the Qualified Domestic Minimum Top-up Tax (QDMTT).
Gibraltar 2024 Budget Confirms QDMTT Introduction
In the 2024 Budget address, the Gibraltar government confirmed that draft legislation for the introduction of a QDMTT is expected in September 2024.
Australia Submits Pillar 2 Laws to Parliament
On July 4, 2024, the Australian Government introduced legislation to implement the Pillar 2 GloBE rules into Parliament. This includes a domestic minimum tax, IIR and UTPR.
Belgium Extends Registration Deadline to September 16, 2024 if no 2024 GMT Advance Payments
On July 2, 2024, the Belgian Tax Authority extended the notification deadline to September 16, 2024 (from July 13, 2024) for groups that are not subject to advance payments in 2024 for the QDMTT or the IIR.
Germany Includes an Amendment to its GMT Law in the Draft Annual Tax Act
On June 5, 2024, the German Federal Ministry of Finance published the government draft for an Annual Tax Act 2024. Article 32 includes an amendment to the minimum tax act to implement a provision from the July 2023 OECD Administrative Guidance.
OECD Administrative Guidance Tracker Updated For June 2024 Guidance
Our OECD Administrative Guidance Tracker has been updated for the latest amendments in the June 2024 Administrative Guidance.
Canada GloBE Country Guide Updated for Gazetted GMT Law
On June 20, 2024, the Global Minimum Tax Act (included in the Budget Implementation Act 2024, No. 1) received royal assent. This includes provisions to implement an IIR and a QDMTT from December 31, 2023:
QDMTT Tracker Updated for the June 2024 OECD Administrative Guidance
Our QDMTT Legislative Tracker has been updated for the amendments to the design of QDMTTs, as provided in the June 2024 OECD Administrative Guidance.
