Austrian Parliament Approves Pillar 2 Global Minimum Tax

On 20 December 2023, Austria's Federal Council (upper house of parliament - Bundesrat) approved the Minimum Taxation Reform Act (MinBestRefG) for the implementation of the Pillar 2 global minimum tax in accordance with Council Directive (EU) 2022/2523 of 14 December 2022 (previous coverage). The Act was approved by the National Council (lower house of parliament) on 14 December 2023. The Act provides for the introduction of the Pillar 2 income inclusion rule (IIR) and the undertaxed payment/…