Legislative Decree No. 209 of December 27, 2023 (the ‘Legislative Decree’) implemented the GloBE rules in Italy and contained provisions in Article 18 to implement a QDMTT. Article 18(9) of the Legislative Decree provided that an Implementing Decree would be issued to provide more details on the application of the Qualified Domestic Minimum Top-up Tax (QDMTT).

On July 3, 2024, the Italian Ministry of Economy & Finance issued the Decree which contains the procedures for the implementation of the QDMTT.

It notes that in order for a domestic minimum tax to be qualified (ie a QDMTT) under the GloBE rules and to also qualify for the QDMTT Safe Harbour, it would need to meet a number of conditions as provided in the February 2023 and July 2023 OECD Administrative Guidance.  Whilst a number of these provisions are already included in the existing Legislative Decree, the new Implementing Decree expands on a number of areas.

Key aspects covered in the Implementing Decree are: