Vietnam Planning Overhaul of Tax Incentive Regime for Pillar 2
It was reported last week that the Vietnamese Ministry of Planning and Investment is working on designing tax incentives to take account of the upcoming application of Pillar Two.
The Bahamas Issues a Policy Paper on a New CIT System, Including a QDMTT
Last week the Bahamian government released a Green Paper asking for feedback on four proposed strategies for the introduction of corporate income tax in the Bahamas, including a QDMTT.
Switzerland Issues Second Consultation on the GloBE Rules
Yesterday, Switzerland issued an updated Draft Decree for the Pillar Two Global Minimum Tax. This follows the previous Draft Decree that was subject to a public consultation.
Direct Transposition of the GloBE Rules: Different Approaches By Switzerland & New Zealand
Whilst both jurisdictions are opting for direct transposition of the OECD Model Rules, there is a key difference in how they are drafted.
IASB Publishes Amendments to IAS 12 for the GloBE Rules
Today, the IASB issued the amendments to IAS 12 to take account of the Pillar Two GloBE Rules.
Guernsey, Jersey and the Isle of Man Announce a Global Minimum Tax From 2025
New Zealand Issues Draft Global Minimum Tax Law
Yesterday, New Zealand published a draft law (the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill) to implement the Pillar Two Global Minimum Tax.
G7 Finance Ministers Reaffirm Commitment to Pillars 1 & 2
On May 13, 2023, the G7 finance ministers reaffirmed their commitment to both Pillars One and Two.
Australian Budget Confirms 2024 GloBE Implementation
In todays’ Budget speech, the Australian Government confirmed it will introduce an Income Inclusion Rule, Under-Taxed Profits Rule and a Domestic Minimum Tax.
A Review of the UK QDMTT and the OECD Administrative Guidance
The OECD Administrative Guidance includes a number of specific provisions on the design of a domestic minimum tax to ensure it is a QDMTT. In this article we review the UK’s domestic top-up tax based on the OECD Guidance.
