OECD Provides More Guidance on GloBE Carrying Values and Separate GloBE Deferred Tax Calculations
Section 2 of the Fourth Set of OECD Administrative Guidance (issued on June 17, 2024) provides details of the use of GloBE carrying values and the impact that these will have on the GloBE ETR calculation.
Analysis of the Application of the DTL Recapture Rule in the OECDs June 2024 Administrative Guidance
Section 1 of the Fourth Set of OECD Administrative Guidance (issued on June 17, 2024) provides further details on the deferred tax liability recapture rule. Read our detailed analysis.
OECD Issues Fourth Set of Administrative Guidance
On June 17, 2024 the Fourth set of OECD Administrative Guidance was issued. This includes guidance related to the recapture rule applicable to deferred tax liabilities, cross-border allocation of current and deferred taxes, flow-through entities and securitisation vehicles.
Spanish Parliament Publishes Draft GMT Law
On June 14, 2024, the Official Gazette of the Spanish Parliament published the draft law to implement the EU Minimum Tax Directive. The draft law includes minor changes from the version published in December 2023.
GloBE Country Guide: Singapore
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Singapore for accounting periods beginning on or after January 1, 2025.
Luxembourg Government Approves Draft Law to Include Additional OECD Administrative Guidance
On June 5, 2024, the Luxembourg Government adopted the draft law amending the law of 22 December 2023 on the minimum effective taxation for multinational enterprise groups and large domestic groups. The draft law provides for a number of amendments in the December 2023 OECD Administrative Guidance.
Latvian Parliament Adopts Law to Implement EU Minimum Tax Directive
On June 6, 2024 the Latvian Parliament adopted in its final reading the “Law on ensuring the global minimum tax level of large groups of companies”, which implements the EU Global Minimum Tax Directive, with an Article 50 postponement.
Spanish Council of Ministers Approves Draft Pillar Two Law
On June 4, 2024, the Spanish Council of Ministers approved the second Draft Law to transpose the EU Global Minimum Tax Directive into domestic law. It will now be sent to the Spanish Parliament.
Germany Issues Draft GMT Return For Feedback
On May 17, 2024, the Germany Finance Ministry issued a draft Global Minimum Tax Return to specialist publishers, software providers and associations for feedback. This includes draft explanatory guidance.
Canada Issues Explanatory Notes on the Global Minimum Tax
On May 24, 2024, the Canadian government issued detailed explanatory notes on the application of the Global Minimum Tax.
