Australia: Legislation implementing Pillar Two global minimum tax rules passes Senate
Two bills will return to the House of Representatives, while the other awaits Royal Assent
Legislation implementing a15% global minimum tax and domestic minimum tax on certain multinational enterprises (MNEs) with annual global revenue of at least €750 million passed the Senate on November 26, 2024.
The three bills—initially introduced in the House of Representatives on July 4, 2024 (read TaxNewsFlash)—include:
- Taxation (Multinational-Global and Domestic Minimum Tax) Imposition Bill 2024, which now awaits Royal Assent
- Taxation (Multinational-Global and Domestic Minimum Tax) Bill 2024, to which amendments were made and thus must now return to the House of Representatives
- Treasury Laws Amendment (Multinational-Global and Domestic Minimum Tax) (Consequential) Bill 2024, to which amendments were also made and thus must now return to the House of Representatives