OECD Pillar Two implementation Status Let’s share your choice of country’s statu

OECD Pillar Two implementation Status
Let’s share your choice of country’s status of OECD Pillar Two implementation. Please select one country and/or select category in G20 (see below) and EU member countries. PwC’s Pillar Two Country Tracker (see below) provides the status of Pillar Two implementation in different countries and regions. Please provide one resource (link for news/articles/video) and write a short summary. Please do not use the same resource as another student. It is first-come-first serve.
Here is an example. Korea enacts new global minimum tax rules to align with OECD BEPS 2.0 Pillar Two: https://www.ey.com/en_gl/tax-alerts/korea-enacts-new-global-minimum-tax-rules-to-align-with-oecd-bep Links to an external site.
PwC’s Pillar Two Country Tracker Online: https://www.pwc.com/gx/en/services/tax/pillar-two-readiness/country-tracker.html Links to an external site.
G20: https://www.dfat.gov.au/trade/organisations/g20 Links to an external site.
What is Pillar Two? Under an OECD Inclusive Framework, more than 140 countries agreed to enact a two-pillar solution to address the challenges arising from the digitalization of the economy. Pillar Two introduces a global minimum Effective Tax Rate (ETR) via a system where multinational groups with consolidated revenue over €750m are subject to a minimum ETR of 15% on income arising in low-tax jurisdictions. https://www.pwc.com/gx/en/services/tax/pillar-two-readiness.html
When does Pillar Two come into effect? The OECD has recommended that the Pillar Two rules become effective in 2024, with the exception of the Undertaxed Profits Rule (UTPR) which is recommended to become effective in 2025. The EU Member States formally adopted the Minimum Tax Directive on December 15, 2022 and Member States shall transpose the Directive into their domestic law by December 31, 2023. Many other countries are working on their domestic rules to implement Pillar Two. Nevertheless, many multinationals already are subject to Pillar Two since the transition rules capture certain transactions occurring on or after November 30, 2021. https://www.pwc.com/gx/en/services/tax/pillar-two-readiness.html