North Macedonia Enacts Global Minimum Tax Law From January 1, 2024
On January 3, 2025 the Law on Global Minimum Corporate Income Tax was published in the Official Gazette to implement the EU Global Minimum Tax Directive.
OECD Issues a List of Jurisdictions with Qualified Status, New Administrative Guidance and Updates to the GIR
On January 15, 2025, the OECD issued a list of jurisdictions that have transitional qualified status, further Administrative Guidance on the application of the Article 9.1 transitional rules, and an updated GloBE Information Return and GIR XML Schema, as well as the GIR MCAA.
GloBE Country Guide: North Macedonia
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in North Macedonia for accounting periods beginning on or after January 1, 2024. Updated for the legislation enacted on January 3, 2025
South Korea Issues 2025 Amendments to its Global Minimum Tax Law
On December 31, 2024, Law No. 20612, was published to amend the International Tax Adjustment Act for the 2025 Tax Reform provisions. This includes some amendments to the Global Minimum Tax provisions.
Italy Issues a Ministerial Decree to Implement Amended Pillar 2 Deferred Tax Transition Rules
On December 31, 2024, Ministerial Decree of December 27, 2024 was published in the Official Gazette. This implements Article 4.1-4.3 of the February 2023 OECD Administrative Guidance and some aspects of the June 2024 OECD Administrative Guidance on deferred taxation.
Italy Issues a Ministerial Decree to Implement Various Aspects of the OECD Administrative Guidance
The Ministerial Decree of December 27, 2024 published in the Official Gazette on December 31, 2024 provides for a number of miscellaneous, but important aspects of the OECD Administrative Guidance that were not included in the original Minimum Tax Law.
The Netherlands Issues Executive Regulations to Implement Aspects of the OECD Administrative Guidance
The Dutch Minimum Tax Executive Decree 2024 was published in the Government Gazette on December 23, 2024 to implement various aspects of the OECD Administrative Guidance.
Thailand Issues Emergency Decree for for IIR, UTPR and Domestic Top-Up Tax
On December 26, 2024, The Emergency Decree on Top-Up Tax B.E. 2567, was published in the Government Gazette to implement the Pillar 2 GloBE rules from January 1, 2025.
Hong Kong Issues Draft Law for IIR and Domestic Top-Up Tax From January 1, 2025
On December 27, 2024, the Inland Revenue (Amendment) (Minimum Tax for Multinational Enterprise Groups) Bill 2024 was published in the Official Gazette. The Bill includes an Income Inclusion Rule (IIR) and a domestic minimum tax from January 1, 2025.
GloBE Country Guide: Hong Kong
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Hong Kong for accounting periods beginning on or after January 1, 2025. Updated for the draft legislation issued on December 31, 2024.
