Brazils Chamber of Deputies Ratifies Bill to Approve Provisional Measure No. 1,262/2024 to introduce a Domestic Minimum Tax
On December 17, 2024, the Chamber of Deputies approved Bill 3817/24 that repeats Provisional Measure No. 1,262/2024 and implements the DMT. It will be sent to the Senate.
Malaysia Issues Guidelines for the Implementation of the Global Minimum Tax
In December 2024, the Malaysian Inland Revenue Board (MIRB) issued guidance on the interpretation and administration of the Pillar Two global minimum tax applicable from January 1, 2025.
Cyprus Parliament Approves Pillar 2 Law
On 12 December 2024, the Cyprus House of Representatives voted to approve local legislation to implement Pillar 2. The Law will come into effect once it is published in the official Government Gazette.
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.
