Oman gazettes Domestic Minimum Top-up Tax, Income Inclusion Rule
Oman issued Royal Decree No. 70/2024 in the Official Gazette on 5 January 2025 introducing Domestic Minimum Top-up Tax and Income Inclusion Rule (IIR). Earlier, the Oman Tax Authority confirmed that a Royal Decree issued which implements a
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Greece updates 2023 non-cooperative jurisdictions list
The Greek Public Revenue Authority has updated the list of non-cooperative states and jurisdictions for 2023 which includes 41 countries and territories. This decision was finalised on 31 December 2024. Key changes from the 2022 list include the
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Malaysia announces tax breaks for Special Economic Zone with Singapore
Malaysia announced several tax incentives to attract investments to the joint special economic zone with Singapore today, 8 January 2025. Jointly announced by the Johor state government and Malaysia’s Ministry of Finance, the incentives
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US: Department of the Treasury, IRS release final rules for technology-neutral clean electricity credits
The US Department of the Treasury (Treasury) and the IRS announced the released final rules for the Clean Electricity Investment and Production Tax Credits – also known as the technology-neutral credits – in tax code sections 45Y and 48E
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Pakistan promulgates Income Tax (Amendment) Ordinance 2024, increases corporate tax rate on banks
President Asif Ali Zardari has enacted the Income Tax (Amendment) Ordinance 2024 on 28 December, which establishes new corporate tax rates for banks. Under the ordinance, banks will face a 44% tax rate for the 2025 tax year (from 39%), gradually
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France announces 2025 companies affected by financial transactions tax on securities
France has released a list of French companies on 23 December 2024 with a market capitalisation exceeding EUR 1 billion as of 1 December 2024 for the purpose of the French financial transactions tax, imposed at a rate of 0.3% on the purchase of
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Taiwan raises business tax thresholds for small enterprises
Taiwan's Ministry of Finance announced a revision to the Business Tax Thresholds for Small-Scale Enterprises, effective from 1 January 2025. Small businesses that remain below these thresholds are exempt from tax. The monthly limit for goods has
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France updates guidelines on royalties declaration under DAC7
French tax authorities clarified that companies managing copyright royalties and inventor rights require companies to include the beneficiary's date of birth in declarations when the recipient is an individual residing in another EU Member State.
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Thailand approves tax treaties with Netherlands, Norway
The Thai Cabinet approved the signing of tax treaties between the Netherlands and Norway on 24 December 2024. The new treaties will supersede the 1975 tax treaty with the Netherlands and the 2003 tax treaty with Norway. The purpose behind the new
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Dominican Republic extends CbC reporting deadline
The Dominican Republic's Directorate General of Internal Revenue (DGII) issued Notice 26-2024 on 2 January 2024, extending the deadline for the submission of Country-by-Country (CbC) reports for 2023 fiscal year to 31 January 2025. The MNE
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Japan: Cabinet approves Resolution for 2025 Tax Reform Outline, extends reduced corporation tax for SMEs
The Japanese approved the extension of the duration of the reduced corporation tax for small and medium-sized enterprises (SMEs) by an additional two years on 27 December 2024, as part of the resolution regarding the 2025 Tax Reform Outline. The
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Portugal gazettes Budget Law for 2025, reduces corporate tax rate
Portugal’s Official Gazette published Law No. 45-A/2023 on 31 December 2024, which approves the Budget for 2025. Effective from 1 January 2025, the standard corporate tax rate decreased from 21% to 20%, and reduced the rate for SMEs on the first
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Irish Revenue updated guidance on Finance Act 2024
Irish Revenue updated eBriefs in accordance with amendments introduced by the Finance Act 2024 (Act No. 43 of 2024) which entered into force on 1 January 2025. Tax and Duty Manual Part 15-01-48 - Sea-Going Naval Personnel Tax Credit - has been
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Algeria gazettes Finance Law 2025, introduces amendments to CIT and VAT
Algeria’s Ministry of Finance published the Finance Law 2025 in the Official Gazette on 26 December 2024, providing amendments for corporate taxation and VAT amongst various direct and indirect taxation policies. Corporate income tax The
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Taiwan extends reduced day trading tax rate until 2027
Taiwan's Ministry of Finance announced the implementation of amendments to extend the reduced Securities Transaction Tax for day trading (from 0.3% to 0.15%) on the Taiwan securities market, following approval by the Legislative Yuan on 31 December
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Vietnam extends VAT reduction for first half of 2025
The Vietnamese government has extended the reduced value-added tax (VAT) rate from 10% to 8% for eligible goods and services during the first half of 2025, effective from 1 January to 30 June. The new tax policy was introduced in Decree No.
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Germany suspends DTA with Belarus
The German Federal Government notified the Republic of Belarus on 30 December 2024, that the agreement between the Federal Republic of Germany and the Republic of Belarus on the avoidance of double taxation concerning income and wealth taxes, dated
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South Africa gazettes Global Minimum Tax Act
South Africa published the Global Minimum Tax Act, 2024 (the GMT Act), in the Official Gazette on 24 December 2024. The legislation introduces two main components: an Income Inclusion Rule and a Domestic Minimum Top-up Tax, while notably
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