Bahrain Issues Executive Regulations for the 2025 Domestic Top-Up Tax
On December 15, 2024, Bahrain issued Decision no. (172) of 2024 to provide for the Executive Regulations for the DMTT law. This provides the detailed rules for the operation of the DMTT.
Australia Enacts Pillar 2 Global Minimum Tax Laws
On December 10, 2024, the Australian GloBE legislation received Royal Assent.
Gibraltar Issues Draft GloBE Law for a DMTT and IIR
On December 10, 2024, Gibraltar issued the Global Minimum Tax Bill 2024 to transpose the OECD Model Rules (and accompanying guidance) into domestic law.
GloBE Country Guide: Gibraltar
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Gibraltar for accounting periods beginning on or after December 31, 2023 (for the domestic top up tax) and December 31, 2024 (for the IIR). Updated for the draft legislation issued on December 10, 2024.
France Issues a Decree for Pillar 2 Reporting Requirements
On December 5, 2024, Decree No. 2024-1126 was published in the French Official Gazette. This provides additional details on the reporting requirements for Pillar 2 purposes.
Germany Issues a Second Discussion Draft to Amend its GMT Law for June 2024 OECD Guidance
On December 6, 2024 Germany’s Ministry of Finance issued a Second Discussion Draft to implement aspects of the Fourth Set of OECD Administrative Guidance.
Hungary GloBE Registration Form Available for Submission
In December 2024, updated instructions were provided and the form is now available via the Tax Authority e-services website.
Kuwait Issues a Draft Law to Introduce a Domestic Top-Up Tax from 2025
On December 9, 2024, the Kuwaiti Ministry of Finance issued a draft law that includes a 15% domestic minimum top-up tax (DMTT) as part of its overhaul of the Business Profits Tax Regime.
GloBE Country Guide: Kuwait
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Kuwait for accounting periods beginning on or after January 1, 2025. Updated for the draft legislation issued by the Ministry of Finance on December 9, 2024.
Unofficial English Translation of Kuwait’s Amendment to the Business Profits Tax Law
An unofficial English Translation of Kuwait’s draft law to amend its business profits tax law. Issued on December 9, 2024.
