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.
Guernsey Enacts its Global Minimum Tax Law
On November 26, 2024, the Guernsey issued the Income Tax (Approved International Agreements) (Implementation) (OECD Pillar Two GloBE Model Rules) Regulations, 2024 to transpose the OECD Model Rules into domestic Regulations.
GloBE Country Guide: Guernsey
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Guernsey for accounting periods beginning on or after January 1, 2025. Updated for the Income Tax (Approved International Agreements) (Implementation) (OECD Pillar Two GloBE Model Rules) Regulations, 2024 issued on November 26, 2024.
Bulgaria’s GMT Amendment Act Sent to Parliament
On September 18, 2024, the Bulgarian Ministry of Finance published for public consultation draft legislation to amend the Bulgarian minimum taxation rules. This was submitted to Parliament on December 2, 2024.
Ireland’s 2024 Finance Act Includes Numerous GMT Adjustments for the OECD Administrative Guidance
. On November 12, 2024, the President enacted the Finance Act 2024. In the Act, a number of amendments are implemented to the Global Minimum Tax provisions.
Slovakian Parliament Approves the GMT Amendment Law
On November 28, the Slovakian Parliament approved the draft GMT amendment law.
Hungary Issues GloBE Registration Form and Domestic Filing Entity Form
On November 15, the Hungarian Tax Authority issued draft forms for the registration notification under Article 44(1) of the Minimum Tax Act, and the appointment of a domestic filing entity under Article 3(47).
Singapore Global Minimum Tax Law has been Published in the Official Gazette
On November 27, 2024, the Multinational Enterprise (Minimum Tax) Act 2024 was published in the Singapore Official Gazette. This implements the Pillar 2 GloBE rules in Singapore for fiscal years beginning on or after January 1, 2025.
