The Bahamas Senate approved the Domestic Minimum Top-Up Tax Bill 2024 on 18 November 2024, following its approval by the House of Assembly on 6 November 2024. The legislation provides for the introduction of a Pillar 2 Qualified Domestic Minimum Top-Up Tax (QDMTT) for in-scope MNE groups operating within the Bahamas. The legislation is to be deemed to have come into force on 1 January 2024 and will apply to fiscal years of an MNE group that begins after 31 December 2023. However, the QDMTT will not apply to a Constituent entity of the group in respect of a fiscal...