Tax Newsletter November 2024

?I.?Approved diplomasved diplomas

Update of the currency devaluation coefficients to be applied to assets and rights sold during the year 2024

Ordinance no. 288/2024/1, of 7 November, was published in the Official Gazette no. 216/2024, Series I of 2024-11-07, which updates the currency devaluation coefficients to be applied to assets and rights sold during the year 2024.

Law No 41/2024 – Transposition of Directive (EU) 2022/2523 into national law

Law no. 41/2024, of 8 November, was published in the Official Gazette, transposing into national law Council Directive (EU) 2022/2523, of 15 December 2022, on ensuring a global minimum level of taxation for groups of multinational companies and large national groups whose consolidated annual revenue volume is equal to or greater than 750 million euros.

This new regime, formally called the Global Minimum Tax Regime (RIMG), follows the model rules developed under the OECD/G20 Inclusive Framework and introduces a new complementary tax when the effective tax rate of a covered group, calculated under the rules now approved, is less than 15% in one of its jurisdictions.

This law shall take effect in relation to the fiscal years beginning on or after 1 January 2024, except for the provisions of Articles 8 to 10 of the RIMG, which shall apply to the fiscal years beginning on or after 1 January 2025.

The constituent entities of a group of multinational companies falling within the scope of this law and of the RIMG whose ultimate parent entity of the group is located in a Member State that has exercised the option provided for in Article 50(1) of Council Directive (EU) 2022/2523 of 15 December 2022, the exception provided for in the previous paragraph shall not apply,? therefore, the provisions of articles 8 to 10 of the RIMG apply to them from the tax years beginning on or after 1 January 2024.

?

Law No. 42/2024 – Increase in the limit of the consignment of IRS revenue in favor of solidarity, religious, cultural or environmental institutions

Law no. 42/2024, Series I of 2024-11-14, was published in the Official Gazette no. 42/2024, which increases to 1% the limit of the consignment of IRS revenue in favour of solidarity, religious, cultural or environmental institutions.

The amendments introduced by this law apply to the personal income tax assessed in relation to income earned in the years 2024 and following.?