Australia Applies Main Global Minimum Tax Rules Retroactively

The Australia government is retroactively applying the main global minimum tax deal from the start of this year, to bring it in line with the Organization of Economic Cooperation and Development’s start date.

The core minimum tax rules would apply from January 1 2024, Australian Treasurer Jim Chalmers said in a Thursday statement. The retrospective start date was “appropriate” because it would align with the OECD’s and other country’s start date for the minimum tax, an explanatory statement said.

Australia is seeking comment on two sets of legislation that would introduce the 15% global minimum tax, part of an ...