Czech Republic granted qualified top-up tax status
On 15 January 2025, the OECD published a set of documents on the global minimum tax (Pillar 2). These documents include a record of countries with a qualified top-up tax status, a GloBE Information Return (GIR) form, a model Multilateral Agreement on Exchange of Information, and Administrative Guidance on Article 9.1 of the GloBE Model Rules relating to deferred tax.
Central record of qualified top-up tax
The Central Record contains a list of countries with a transitional qualified status for the top-up tax at the level of the ultimate parent entity (income inclusion rule, IIR). The second list includes countries that have been granted a transitional qualified status for their domestic top-up taxes (QDMTT). The Czech Republic is on both lists. The lists will be updated for additional countries that consider their allocated tax to be qualified (in accordance with the OECD Model Rules). The final status of the countries has yet to be confirmed by the OECD; if this does not happen, the country will lose its qualified status for the future but not retroactively.
GloBE Information Return
The OECD has also published an updated standardised GloBE Information Return (GIR) form and a user guide. This version also includes a template that can be used to notify jurisdictions that they will receive a GIR through the exchange of information (see below). In connection with the GIR, the OECD has also published an updated version of the part of the Administrative Guidance, and the XML schema of the GloBE Information Return.
Agreement on the exchange of information contained in the GloBE Information Return
The set of documents includes a model Multilateral Competent Authority Agreement on the Exchange of GloBE Information, based on Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters. The agreement allows only one GloBE Information Return to be filed and then shared between the tax administrations of the countries that have joined the agreement. In the EU, this possibility will already be provided for by the exchange of information under the Directive on Administrative Cooperation in the Field of Taxation (DAC 9). However, until such international agreements and regulations are in force, domestic rules will apply to filing the GIR.
Clarification on historical deferred tax assets
The revised Administrative Guidance on Article 9.1 of the GloBE Model Rules excludes certain deferred tax assets from the calculation of the multinational group's effective tax rate if these were incurred before the introduction of the global minimum tax because of specific governmental actions or after the introduction of the new corporate income tax.
For more detailed information, see KPMG's comments here and the full OECD press release here.