First Annual Payments for Global Minimum Tax Due June 30, 2024
The Ministry of Finance has announced that the initial annual payments for the global minimum tax on production will be collected on June 30, 2024. This follows the implementation of the Minimum Global Tax on Production and its associated Rules for Calculation and Payment of Additional Global Tax on Production, effective June 24, 2026, at 5:17 PM. The legislation establishes measures designed to reduce the effective taxation of multinational group companies and large domestic groups.
A minimum tax rate of 15 percent has been set as part of this framework. The law applies to all constituent subjects. This global minimum tax aims to address concerns regarding profit shifting by multinational corporations.
By establishing a standardized minimum tax rate, the legislation seeks to ensure a fairer distribution of tax revenue across countries. The announcement details the operational framework for collecting the initial payments, focusing on compliance with the established rules. Further information regarding specific calculations and reporting requirements will be released in the coming weeks.
The goal is to ensure consistent application of the minimum global tax.
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