[World Tax News] Norway Publishes Supplementary Tax Act Implementing Pillar 2 Global Minimum Tax and More
- Blog|News|International Tax|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 20 January, 2024
Latest from Taxmann
Editorial Team – [2024] 158 taxmann.com 449 (Article)
World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.
1. Norway publishes Supplementary Tax Act implementing Pillar 2 Global Minimum Tax
On January 12, 2024, Norway officially released the Supplementary Tax Act through the Official Gazette. This legislation incorporates the Pillar 2 global minimum tax, also known as supplementary tax. The Act applies to entities that form part of a Multinational Enterprise (MNE) group with an annual consolidated revenue exceeding EUR 750 million in at least two of the preceding four fiscal years.
It introduces an income inclusion rule (IIR) and a domestic minimum top-up tax, referred to as a national supplementary tax, aiming to establish a minimum effective tax rate of 15%. The Act does not incorporate an undertaxed payment/profit rule (UTPR).
The Supplementary Tax Act prompted revisions to the Tax Administration Act and the Tax Payment Act. These changes encompass the implementation of notification and return obligations concerning supplementary tax, along with corresponding payment requirements. Accompanying regulations specify that the deadline for submitting the supplementary tax notification is 15 months after the conclusion of the financial year. However, this deadline is extended to 18 months for the initial financial year. The supplementary tax return must be filed within one month after the notification deadline, and the supplementary tax payment is expected three weeks after the supplementary tax return deadline.
The Supplementary Tax Act applies to financial years commencing after December 31 2023, specifically starting from the 2024 income year. The corresponding amendments and regulations came into effect on January 1 2024.
Source: Supplimentary Tax Act
2. Russia officially terminates tax treaties with Denmark and Latvia.
On 9th Janauary, 2024, the Ministry of Foreign Affairs of the Russian Federation published an official message for the termination of the Convention between the Government of the Russian Federation and the Government of the Kingdom of Denmark for the avoidance of double taxation and the prevention of tax evasion with respect to taxes on income and property, signed in Moscow on February 8, 1996.
Further, the Russian Federation also terminated the Agreement between the Government of the Russian Federation and the Government of the Republic of Latvia on the avoidance of double taxation and on the prevention of tax evasion in relation to taxes on income and capital, signed in Moscow on December 20, 2010
Source: Official message terminating the Tax Treaty with Denmark
Official message terminating the Tax Treaty with Latvia
Click Here To Read The Full Article
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
