Portugal Cabinet Approves Bill to Implement Pillar 2 Global Minimum Tax Rules

The Portuguese Council of Ministers Sept. 11 approved Bill No. 21/XVI/1, to transpose EU Council Directive 2022/2523, on implementing the OECD’s Pillar Two global minimum tax (GloBE) rules. The bill includes measures to: 1) impose a 15 percent global minimum tax on multinational enterprise groups (MNEs) and large domestic groups with annual consolidated revenue of 750 million euros (US$833.7 million) or more in at least two of the last four fiscal years; 2) introduce a qualified domestic minimum top-up tax (QDMTT), the undertaxed profits rule (UTPR), and the income inclusion rule (IIR); 3) apply the QDMTT and IIR to fiscal ...