Norway MOF Seeks Comments on Proposed Amendments to Supplementary Tax Act, Regulations Under Pillar 2

The Norwegian Ministry of Finance June 4 opened a consultation on proposed amendments to the Supplementary Tax Act and Regulations regarding the implementation of the OECD side-by-side package, in accordance with the Global Anti-Base Erosion (GloBE) Model Rules under Pillar Two. The proposed amendments include measures to: 1) extend the transitional country-by-country (CbC) reporting safe harbor rules by one year; 2) introduce rules for the simplified effective tax rate, substance-based tax incentive, qualified domestic minimum top-up tax (QDMTT), and ultimate parent company safe harbors; 3) adjust the period for applying the temporary safe harbor to financial years beginning after Dec. ...