Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 331

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 331
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, Colombia, Argentina, Hong Kong, the United States of America, and the United Kingdom), and the application of the Pillar Two rules requires jurisdictions to enact legislation to apply the Pillar Two rules. The Group continues to monitor the development of the discussions, and as of December 31, 2024, the status of the enactment of local legislation was as follows:

•Cayman Islands, Chile, Colombia, USA, Argentina, and Uruguay:

◦ No public announcements

• Brazil

◦ On 27 December 2024, Law No. 15,079/24 was approved, which establishes in Brazil the global minimum tax of Pillar Two of the Organization for Economic Cooperation and Development (OECD). The referred law establishes an effective minimum tax of 15% on the profits of multinational groups, with consolidated annual revenues exceeding EUR750 million through an additional Social Contribution on Net Income (“ CSLL”). The new rules aim to ensure that the additional CSLL qualifies as Qualified Minimum Domestic Complementary Tax (“ QDMTT”) which guarantees Brazil priority in taxing excess profits calculated by Brazilian entities and in offsetting tax levied abroad.

•Hong Kong:

◦ The Inland Revenue (Amendment) “ Minimum Tax for Multinational Enterprise Groups” Bill 2024 (“ Bill”) was officially published on 27 December 2024 to implement the GloBE rules, which comprises the income inclusion rule (“ IIR”) and undertaxed profits rule (“ UTPR”), as well as the Hong Kong minimum top-up tax (“ HKMTT”). The bill was introduced into the Legislative Council for first reading on 8 January 2025. Subject to the passage of the Bill, IIR and HKMTT will apply to a fiscal year beginning on or after 1 January 2025, while the UTPR will take effect from a date to be specified by notice published.

•United Kingdom:

October 30, 2024, Autumn Budget 2024 was delivered, which includes the following measures relating to the UK Pillar Two global minimum tax rules:

◦ The government will implement the undertaxed profits rule (UTPR) in the Finance Bill 2024-2025 for accounting periods beginning on or after December 31, 2024.

◦ Various technical amendments to the existing UK multinational and domestic top-up tax legislation will also be included in Finance Bill 2024-2025 to incorporate latest international updates and inputs from stakeholder consultation, with most of these applying for accounting periods beginning on or after