Pillar Two – Domestic Implementation

Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Australia for accounting periods beginning on or after January 1, 2024. Updated for the draft legislation issued by the Australian Treasury on March 21, 2024.

On March 13, 2024, the Lithuanian Parliament updated the draft law to implement the EU Minimum Tax Directive.

On March 11, 2024, the Finance and Expenditure Committee of the New Zealand Parliament made a number of amendments to the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill (which includes proposed legislation to transpose the OECD GloBE Rules).

On March 14, 2024, the UK Government confirmed it is to apply an anti-avoidance rule for the purposes of the Transitional CbcR Safe Harbour from March 14, 2024.

Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Belgium for accounting periods beginning on or after December 31, 2023. Updated for the Draft Law to amend the ‘Act on the introduction of a minimum tax for multinational enterprise groups and large domestic groups’ of March 6, 2024.

On March 6, 2024, the Belgian Government submitted a draft law to Parliament which includes provisions to amend the GloBE Law to implement aspects of the OECD Administrative Guidance.

On March 7, 2024, the Australian Taxation Office provided an update on the implementation of Pillar Two.

Analysis of the implementation of the Pillar Two Global Minimum Tax rules in the UK on or after 31 December 2023. Updated for the 2024 Finance Act.

Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Thailand for accounting periods beginning on or after January 1, 2025. Updated for the Draft Law issued on March 1, 2024.

On March 1, 2024, the Thai Revenue Department published an 18-page consultation paper on the implementation of Pillar Two. This includes draft legislation which includes, an IIR, UTPR and a domestic minimum tax.