German parliament passed legislation Friday to implement the global minimum tax for large corporate groups.
The approval of the legislation Friday by Bundesrat, the upper house of the Germany parliament, follows the lower house’s Nov. 10 approval.
The legislation will apply to financial years beginning after Dec. 30, 2023. It now heads to the president for signature.
- The legislation details rules for calculating the effective tax rate and establishing which units are subject to supplementary tax. It also includes a domestic top-up tax mechanism designed to ensure any top-up tax due on German profits is collected in Germany. ...