On November 26, 2024, the Guernsey issued the Income Tax (Approved International Agreements) (Implementation) (OECD Pillar Two GloBE Model Rules) Regulations, 2024 to transpose the OECD Model Rules into domestic Regulations.
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules in Guernsey for accounting periods beginning on or after January 1, 2025. Updated for the Income Tax (Approved International Agreements) (Implementation) (OECD Pillar Two GloBE Model Rules) Regulations, 2024 issued on November 26, 2024.
On September 18, 2024, the Bulgarian Ministry of Finance published for public consultation draft legislation to amend the Bulgarian minimum taxation rules. This was submitted to Parliament on December 2, 2024.
. On November 12, 2024, the President enacted the Finance Act 2024. In the Act, a number of amendments are implemented to the Global Minimum Tax provisions.
On November 28, the Slovakian Parliament approved the draft GMT amendment law.
On November 15, the Hungarian Tax Authority issued draft forms for the registration notification under Article 44(1) of the Minimum Tax Act, and the appointment of a domestic filing entity under Article 3(47).
On November 27, 2024, the Multinational Enterprise (Minimum Tax) Act 2024 was published in the Singapore Official Gazette. This implements the Pillar 2 GloBE rules in Singapore for fiscal years beginning on or after January 1, 2025.
The Hungarian Autumn Tax Package has been passed by Parliament and was sent to the President for signature on November 27, 2024. This includes amendments to the GMT law, most notably registration and the QDMTT return/payment obligation.
On November 26, 2024, the bills to implement the Pillar 2 GMT in Australia has been passed by the Senate. They now await Royal Assent for enactment.
On November 22, 2024, the Annual Tax Act was passed by the Upper House of Parliament. This includes two technical changes relating to the Global Minimum Tax
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