Public Consultation on Draft Domestic Minimum Top-Up Tax Bill, 2024

August 14, 2024 / Comments Off on Public Consultation on Draft Domestic Minimum Top-Up Tax Bill, 2024

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The Government of The Bahamas has released the draft Domestic Minimum Top-Up Tax Bill, 2024, for public consultation. This significant legislation proposes the implementation of a Qualified Domestic Minimum Top-Up Tax (QDMTT) on large multinational enterprises (MNEs) with an annual turnover of at least €750 million. This measure aligns with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar 2, ensuring that in-scope MNEs pay a minimum effective tax rate of 15% on profits in every jurisdiction they operate.

The Government is seeking public input on the draft legislation by September 16, 2024, to finalize the Bill for submission to Parliament by October 9, 2024.

For more information on the draft Domestic Minimum Top-Up Tax Bill, 2024 and Consultation Paper, please visit https://lnkd.in/eEuKG_ac.

To submit your feedback, please use the comment box on the website and email your responses to the Financial Secretary at DMTT@bahamas.gov.bs.