Australian 15% global and domestic minimum taxes law introduced into Parliament
|Tax Alerts, Legislation & Policy, Na ...|Australia
Legislation has been introduced to implement: an Income Inclusion Rule (IIR) applying to years starting from 1 January 2024; an Undertaxed Profits Rule (UTPR) applying to years starting from 1 January 2025; and a domestic minimum tax applying to years starting from 1 January 2024.
In-scope MNE Groups will be required to lodge at least three new returns in an approved form to the Australian Tax Office: (1) a Global Anti-Base Erosion (GloBE) Information Return (GIR); (2) an Australian IIR/UTPR Tax …
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