Belgium Issues a Draft 7 Page QDMTT Return for Consultation
On October 18, 2024, Belgium issued a draft 7-page QDMTT Return for consultation. The consultation lasts until November 8, 2024.
Ireland GloBE Country Guide Updated for the 2024 Finance Bill
On October 10, 2024, Ireland published its 2024 Finance Bill. In the Bill, a number of amendments are made to the Global Minimum Tax provisions. Our Ireland GloBE Country Guide has been updated for relevant changes.
Portugal Approves Pillar 2 Law, Bahamas and Cyprus Table Legislation in Parliament
On October 18, 2024, the Portuguese Parliament approved a law to introduce the EU Minimum Tax Directive into domestic legislation, whilst on October 16, 2024 and October 18, 2024 (respectively), the Bahamas and Cyprus tabled legislation in Parliament to implement Pillar Two.
Ireland Includes GMT Amendments in its 2024 Finance Bill
On October 10, 2024, Ireland published its 2024 Finance Bill. In the Bill, a number of amendments are made to the Global Minimum Tax provisions.
Singapore Issues Draft Legislation for OECD Safe Harbours
On October 4, 2024, Singapore issued a Consultation document on the GloBE Safe Harbours (Transitional Country-by-Country Reporting (“CbCR”) Safe Harbour, QDMTT Safe Harbour and the Simplified Calculations Safe Harbour), as well as other aspects of the OECD Administrative Guidance.
GloBE Country Guide: Brazil
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Brazil for accounting periods beginning on or after January 1, 2025. Updated for Provisional Measure No. 1,262, and Normative Instruction No. 2,228 of October 3, 2024.
Brazil Issues Legislation to Implement a QDMTT From January 1, 2025
Yesterday, Brazil issued Provisional Measure No. 1,262, of October 3, 2024 and a supporting Regulation to introduce a Domestic Minimum Tax (intended to be a QDMTT) from January 1, 2025. It now needs to be ratified by Congress.
Lithuania GloBE Guide – Updated for the Order on Information Notices
Our Lithuania GloBE Guide has been updated for the Order on Information Notices in relation to Pillar Two.
Bulgaria Issues a Draft Law to Provide for OECD Administrative Guidance, Including the UTPR Safe Harbour
On September 18, 2024, the Bulgarian Ministry of Finance published draft legislation for public consultation to amend the Bulgarian minimum taxation rules, including the introduction of the Transitional UTPR Safe Harbour.
Puerto Rico Issues a Consultation on a QDMTT
On September 24, 2024, the Puerto Rico Treasury Department launched a public consultation on the implementation of the GloBE rules, including a QDMTT.
